What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-13 compared with 2025-11-14 · 353 added, 613 removed, 1137 unchanged (46% of the section changed)

3 unchanged sentences

(in thousands, except share and per share amounts) (Unaudited)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Real estate assets:

7 unchanged sentences

Investment in unconsolidated entities 125,121 149,170

Real estate-related securities and other, at fair value, net of credit loss allowances of $ 182,989 and $ 110,062 as of September 30, 2025 and December 31, 2024, respectively

Real estate-related securities and other, at fair value, net of credit loss allowances of $ 182,299 and $ 182,104 as of March 31, 2026 and December 31, 2025, respectively

167,582 169,206

8 unchanged sentences

Accrued interest receivable 16,782 17,471

Assets held for sale 5,116 —

Total assets $ 4,725,560 $ 5,095,097

12 unchanged sentences

Common stock, $ 0.01 par value per share;

490,000,000 shares authorized, 436,630,417 and 437,313,001 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

490,000,000 shares authorized, 436,734,553 and 436,908,325 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Capital in excess of par value 3,539,124 3,537,903

9 unchanged sentences

(in thousands, except share and per share amounts) (Unaudited)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Rental and other property income $ 25,768 $ 28,808

10 unchanged sentences

Real estate impairment — 7,026

Increase in provision for credit losses

(Decrease) increase in provision for credit losses

( 7,123 ) 61,777

2 unchanged sentences

Gain on disposition of real estate and condominium developments, net 5,743 1,552

Gain on investment in unconsolidated entities 3,781 4,608 7,703 9,875

Unrealized gain (loss) on equity securities 2,458 4,486 3,648 ( 11,156 )

Other income (expense), net 2,237 ( 2,145 ) 5,568 4,867

(Loss) gain on investment in unconsolidated entities ( 971 ) 1,011

Unrealized gain on equity securities 3,317 3,300

Other income, net 1,799 1,609

Loss on extinguishment of debt ( 282 ) —

Total other income

10,756 7,209 24,795 7,096

Net income (loss) $ 43,072 $ ( 32,874 )

7 unchanged sentences

CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands) (Unaudited)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income (loss) $ 43,072 $ ( 32,874 )

Other comprehensive (loss) income

Unrealized gain (loss) on CMBS 1,399 1,644 556 ( 4,872 )

Unrealized (loss) gain on CMBS ( 2,672 ) 982

Unrealized loss on CLO subordinated note ( 2,136 ) ( 733 )

Reclassification adjustment for realized (gain) loss included in income as other income ( 70 ) — 340 —

Reclassification adjustment for realized loss included in income as other income — 410

Amount of loss reclassified from other comprehensive income into income as an increase in provision for credit losses — 71,022

Total other comprehensive (loss) income ( 4,808 ) 71,681

Comprehensive income (loss) 30,225 8,959 91,189 ( 281,900 )

Comprehensive income 38,264 38,807

Comprehensive income allocated to non-controlling interest 44 9

Comprehensive income (loss) attributable to the Company $ 30,198 $ 8,956 $ 91,130 $ ( 281,903 )

Comprehensive income attributable to the Company $ 38,220 $ 38,798

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

Common Stock Capital in Excess

Distributions in Excess of Earnings Accumulated Other Comprehensive (Loss) Income Total

Distributions in Excess of Earnings Accumulated Other Comprehensive (Loss) Total

Stockholders’

11 unchanged sentences

— — — — — — 46 46

Comprehensive (loss) income — — — ( 32,883 ) 71,681 38,798 9 38,807

Balance as of March 31, 2025

436,894,246 $ 4,371 $ 3,534,082 $ ( 1,746,646 ) $ ( 14,602 ) $ 1,777,205 $ 553 $ 1,777,758

Issuance of common stock 1,464,961 15 7,634 — — 7,649 — 7,649

Equity-based compensation 182,189 2 1,228 — — 1,230 — 1,230

Distributions declared on common stock — $ 0.08 per common share

— — — ( 37,210 ) — ( 37,210 ) — ( 37,210 )

Redemptions of common stock ( 1,765,895 ) ( 18 ) ( 9,232 ) — — ( 9,250 ) — ( 9,250 )

Changes in redeemable common stock — — 1,602 — — 1,602 — 1,602

Contributions from non-controlling interests — — — — — — 750 750

Comprehensive income (loss) — — — 43,028 ( 4,808 ) 38,220 44 38,264

Balance as of June 30, 2025

436,775,501 $ 4,370 $ 3,535,314 $ ( 1,758,664 ) $ ( 17,660 ) $ 1,763,360 $ 1,326 $ 1,764,686

Issuance of common stock 1,443,627 15 7,521 — — 7,536 — 7,536

Equity-based compensation — 2 1,296 — — 1,298 — 1,298

Distributions declared on common stock — $ 0.08 per common share

— — — ( 37,234 ) — ( 37,234 ) — ( 37,234 )

Redemptions of common stock ( 1,588,711 ) ( 16 ) ( 8,309 ) — — ( 8,325 ) — ( 8,325 )

Changes in redeemable common stock — — 789 — — 789 — 789

Contributions from non-controlling interests — — — — — — 251 251

Comprehensive income (loss) — — — 30,282 ( 84 ) 30,198 27 30,225

Balance as of September 30, 2025

Balance as of March 31, 2026

436,734,553 $ 4,372 $ 3,539,124 $ ( 1,769,053 ) $ ( 24,236 ) $ 1,750,207 $ 1,861 $ 1,752,068

CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except share amounts) (Unaudited) - Continued

Common Stock Capital in Excess

13 unchanged sentences

Changes in redeemable common stock — — 2,625 — — 2,625 — 2,625

Contributions from non-controlling interests — — — — — — 200 200

Comprehensive (loss) income — — — ( 32,883 ) 71,681 38,798 9 38,807

1 unchanged sentence

436,894,246 $ 4,371 $ 3,534,082 $ ( 1,746,646 ) $ ( 14,602 ) $ 1,777,205 $ 553 $ 1,777,758

Issuance of common stock 1,765,256 20 10,731 — — 10,751 — 10,751

Equity-based compensation — — 701 — — 701 — 701

Distributions declared on common stock — $ 0.11 per common share

— — — ( 49,271 ) — ( 49,271 ) — ( 49,271 )

Redemptions of common stock ( 1,889,369 ) ( 19 ) ( 11,503 ) — — ( 11,522 ) — ( 11,522 )

Changes in redeemable common stock — — 772 — — 772 — 772

Contributions from non-controlling interests

— — — — — — 50 50

Comprehensive loss

— — — ( 245,801 ) ( 11,471 ) ( 257,272 ) — ( 257,272 )

Balance as of June 30, 2024

437,117,869 $ 4,375 $ 3,531,522 $ ( 1,570,017 ) $ ( 87,659 ) $ 1,878,221 $ 50 $ 1,878,271

Issuance of common stock 1,743,296 17 10,581 — — 10,598 — 10,598

Equity-based compensation — — 838 — — 838 — 838

Distributions declared on common stock — $ 0.11 per common share

— — — ( 49,264 ) — ( 49,264 ) — ( 49,264 )

Redemptions of common stock ( 1,790,518 ) ( 18 ) ( 10,866 ) — — ( 10,884 ) — ( 10,884 )

Changes in redeemable common stock — — 286 — — 286 — 286

Contributions from non-controlling interests — — — — — — 100 100

Comprehensive income

— — — 7,312 1,644 8,956 3 8,959

Balance as of September 30, 2024

437,070,647 $ 4,374 $ 3,532,361 $ ( 1,611,969 ) $ ( 86,015 ) $ 1,838,751 $ 153 $ 1,838,904

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(in thousands) (Unaudited)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

9 unchanged sentences

Straight-line rental income ( 884 ) ( 1,551 )

Write-offs for uncollectible lease-related receivables ( 1,492 ) ( 318 )

Recovery of uncollectible lease-related receivables ( 11 ) ( 1,357 )

Gain on disposition of real estate assets and condominium developments, net ( 5,743 ) ( 1,552 )

Loss on sale of credit investments, net — 678

Gain on investment in unconsolidated entities ( 7,703 ) ( 9,875 )

Unrealized (gain) loss on equity securities ( 3,648 ) 11,156

Loss (gain) on investment in unconsolidated entities 971 ( 1,011 )

Unrealized gain on equity securities ( 3,317 ) ( 3,300 )

Impairment of real estate assets — 7,026

Increase in provision for credit losses 73,423 308,542

(Decrease) increase in provision for credit losses ( 7,123 ) 61,777

Write-off of deferred financing costs 282 —

Return on investment in unconsolidated entities 6,464 9,875

Changes in operating assets and liabilities:

9 unchanged sentences

Return of investment in unconsolidated entities 47,453 3,893

Investment in real estate-related securities and other ( 4,597 ) ( 27,646 )

Investment in liquid corporate senior loans — ( 1,253 )

Investment in real estate assets and capital expenditures ( 3,590 ) ( 5,624 )

Cash resulting from deed-in-lieu of foreclosures, net 1,655 —

Net proceeds from deeds-in-lieu of foreclosure — 1,655

Investment in corporate senior loans ( 37,393 ) ( 32,596 )

7 unchanged sentences

Net proceeds from sale of liquid corporate senior loans — 2,943

Payment of property escrow deposits — ( 1,000 )

Refund of property escrow deposits — 1,000

Net cash provided by investing activities 296,679 620,487

Payment of loan escrow deposits ( 27,309 ) —

Net cash provided by (used in) investing activities 393,278 ( 4,595 )

CIM REAL ESTATE FINANCE TRUST, INC.

1 unchanged sentence

(in thousands) (Unaudited) — Continued

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from financing activities:

18 unchanged sentences

Assumption of other assets and liabilities related to real estate acquired via deed-in-lieu of foreclosure $ — $ ( 3,260 )

Transfer of loans held-for-investment to real estate acquired via deed-in-lieu of foreclosure $ ( 149,438 ) $ —

Transfers of loans held-for-investment to real estate acquired via deed-in-lieu of foreclosure $ — $ ( 149,438 )

Common stock issued through distribution reinvestment plan $ 7,319 $ 8,621

Change in fair value of real estate-related securities $ ( 4,809 ) $ 659

Conversion of loan held-for-investment to equity securities $ — $ ( 5,060 )

Supplemental Cash Flow Disclosures:

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited)

March 31, 2026 (Unaudited)

NOTE 1 — ORGANIZATION AND BUSINESS

3 unchanged sentences

The Company seeks to attain attractive risk-adjusted returns and create long term value for its investors by investing in a diversified portfolio of senior secured mortgage loans, creditworthy long-term net-leased property investments and other senior loan and liquid credit investments.

As of September 30, 2025, the Company’s loan portfolio consisted of 76 loans with a net book value of $ 3.2 billion, and investments in real estate-related securities and other of $ 246.1 million.

As of March 31, 2026, the Company’s loan portfolio consisted of 77 loans with a net book value of $ 3.1 billion, and investments in real estate-related securities and other of $ 167.6 million.

The Company conducts its commercial real estate lending business through CIM Commercial Lending REIT (“CLR”), a Maryland statutory trust and subsidiary of the Company which the Com pany expects to be taxed as a REIT for U.S.

federal income tax purposes.

As of September 30, 2025, CLR holds a diversified portfolio of approximately $ 1.4 billion which includes first mortgage loans with a net book value of $ 1.1 billion, commercial mortgage-backed securities (“CMBS”) with an estimated fair value of $ 142.7 million, and an investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies) with a carrying value of $ 152.7 million.

As of September 30, 2025, the Company owned 198 commercial real estate properties, comprising approximately 6.4 million rentable square feet of commercial space located in 37 states.

As of September 30, 2025, the rentable square feet at these properties was 96.9 % leased, including month-to-month agreements, if any.

As of September 30, 2025, the Company owned condominium developments with a net book value of $ 17.7 million.

As of March 31, 2026, CLR holds a diversified portfolio of approximately $ 1.5 billion which includes first mortgage loans with a net book value of $ 1.3 billion, commercial mortgage-backed securities (“CMBS”) with an estimated fair value of $ 63.5 million, and an investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies) with a carrying value of $ 115.5 million.

As of March 31, 2026, the Company owned 199 commercial real estate properties, comprising approximately 6.6 million rentable square feet of commercial space located in 36 states.

As of March 31, 2026, the rentable square feet at these properties was 95.8 % leased, including month-to-month agreements, if any.

As of March 31, 2026, the Company owned condominium developments with a net book value of $ 12.0 million.

A majority of the Company’s business is conducted through CIM Real Estate Finance Operating Partnership, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100 % of the partnership interests.

5 unchanged sentences

Collectively, CMFT Management, the Company’s manager, and the Investment Advisor, together with certain other affiliates of CIM Group, serve as the Company’s sponsor, which is referred to as the Company’s “sponsor” or “CIM”.

On January 26, 2012, the Company conducted its initial public offering on a “best efforts” basis from January 26, 2012 to April 4, 2014 (the “Initial Offering”), during which a total of approximately 297.4 million shares of common stock were issued, including approximately 292.3 million shares of common stock that were sold to the public pursuant to the primary portion of the Initial Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan (“DRIP”) portion of the Initial Offering.

The Company conducted its initial public offering on a “best efforts” basis from January 26, 2012 to April 4, 2014 (the “Initial Offering”), during which a total of approximately 297.4 million shares of common stock were issued, including approximately 292.3 million shares of common stock that were sold to the public pursuant to the primary portion of the Initial Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan (“DRIP”) portion of the Initial Offering.

The Company then issued a total of approximately $ 241.7 million of shares of common stock under the DRIP (the “Initial DRIP Offering”) pursuant to a Registration Statement on Form S-3 until June 30, 2016.

Subsequently, the Company registered an additional $ 600.0 million of shares of common stock under the DRIP (the “Secondary DRIP Offering,” and together with the Initial DRIP Offering, the “DRIP Offerings,” and the DRIP Offerings collectively with the Initial Offering, the “Offerings”) pursuant to a Registration Statement on Form S-3 (Registration No.

333-212832), which was filed with the SEC on August 2, 2016 and automatically became effective with the U.S.

Securities and Exchange Commission (the “SEC”) upon filing.

333-212832), which was filed with the U.S.

Securities and Exchange Commission (the “SEC”) on August 2, 2016 and automatically became effective upon filing.

The Company began to issue shares under the Secondary DRIP Offering on August 2, 2016 and continues to issue shares under the Secondary DRIP Offering.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

March 31, 2026 (Unaudited) – (Continued)

Distributions are reinvested in shares of the Company’s common stock for participants in the DRIP at the estimated per share NAV as determined by the Board.

Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program.

As of September 30, 2025, the most recent estimated per share NAV of the Company’s common stock was $ 5.22 , which was established by the Board on March 28, 2025 using a valuation date of December 31, 2024.

As of March 31, 2026, the most recent estimated per share NAV of the Company’s common stock was $ 5.14 , which was established by the Board on March 19, 2026 using a valuation date of December 31, 2025.

Commencing on March 27, 2026, distributions are reinvested in shares of the Company’s common stock under the DRIP at a price of $ 5.14 per share and $ 5.14 per share serves as the most recent estimated per share NAV for purposes of the share redemption program.

15 unchanged sentences

The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these credit and real estate investments on the Company’s condensed consolidated financial statements.

As of September 30, 2025, CLR is a VIE that is consolidated by the Company as the primary beneficiary, as the Company has the ability to direct the activities of CLR and the obligation to absorb CLR’s losses through its guarantee of CLR’s indebtedness, which is significant to CLR.

As of March 31, 2026, CLR is a VIE that is consolidated by the Company as the primary beneficiary, as the Company has the ability to direct the activities of CLR and the obligation to absorb CLR’s losses through its guarantee of CLR’s indebtedness, which is significant to CLR.

The non-controlling interest on the condensed consolidated balance sheets represents the equity interests in CLR owned by outside investors.

As of September 30, 2025, CLR’s loan portfolio consisted of senior secured mortgage loans with a net book value of $ 1.1 billion and investments in real estate-related securities of $ 142.7 million.

In addition, as of September 30, 2025, the carrying value of CLR’s investment in CIM NP JV Holdings, LLC (“NP JV Holdings”) was $ 152.7 million.

CLR had $ 870.8 million of debt outstanding, as of September 30, 2025.

During the year ended December 31, 2024, the Company sold a portion of the Company’s portfolio of liquid corporate senior loans with an aggregate principal balance of $ 265.4 million to OFSI BSL XIV CLO, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands, resulting in net proceeds of $ 259.7 million after closing costs and a loss of $ 2.9 million.

The collateral manager for OFSI BSL XIV CLO, Ltd.

is OFS CLO Management II, LLC, an affiliate of the Sub-Advisor (as defined in Note 11 — Related-Party Transactions and Arrangements).

The Company does not maintain effective control over the liquid corporate senior loans and the Company does not have the ability, nor the requirement, to repurchase the liquid corporate senior loans.

The liquid corporate senior loans served as the initial positions for

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

the formation of a collateralized loan obligation (“CLO”), in which the Company subsequently invested $ 27.6 million in a subordinated note (the “CLO subordinated note”).

As of March 31, 2026, CLR’s loan portfolio consisted of senior secured mortgage loans with a net book value of $ 1.3 billion and investments in real estate-related securities of $ 63.5 million.

In addition, as of March 31, 2026, the carrying value of CLR’s investment in CIM NP JV Holdings, LLC (“NP JV Holdings”) was $ 115.5 million.

CLR had $ 1.0 billion of debt outstanding, as of March 31, 2026.

The Company is invested in a collateralized loan obligation (“CLO”), in which the Company subsequently invested $ 27.6 million in a subordinated note (the “CLO subordinated note”).

The CLO is a VIE, given the insufficient equity at risk, evidenced by the tranched capital structure and multiple series of debt instruments issued.

2 unchanged sentences

As such, the Company was determined to not be the primary beneficiary and the CLO is not consolidated on the Company’s financial statements.

As of September 30, 2025, the fair value of the CLO subordinated note is $ 21.7 million and is included in real estate-related securities and other on the Company’s condensed consolidated balance sheets.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

March 31, 2026, the fair value of the CLO subordinated note is $ 17.3 million and is included in real estate-related securities and other on the Company’s condensed consolidated balance sheets.

For more information, refer to Note 7 — Real Estate-Related Securities and Other.

12 unchanged sentences

The acquired property is initially recognized at fair value in accordance with the asset acquisition provisions under the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”) within total real estate assets, net on the Company’s condensed consolidated balance sheet when the Company assumes legal title or physical possession.

The value of acquired property is allocated based on the relative fair values of assets acquired and liabilities assumed, including, but not limited to, land, building, furniture and fixtures, and intangibles.

The value of acquired property is allocated based on the relative fair values of assets acquired and liabilities assumed, including, but not limited to, land, buildings, fixtures and improvements, and intangibles.

For additional information, refer to Note 4 — Real Estate Assets.

12 unchanged sentences

Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions.

The Company’s impairment assessment as of September 30, 2025 was based on the most current information available to the Company, including expected holding periods.

The Company’s impairment assessment as of March 31, 2026 was based on the most current information available to the Company, including expected holding periods.

If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future.

1 unchanged sentence

See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Assets Held for Sale

1 unchanged sentence

If, based on management’s best estimate, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Dispositions of Real Estate Assets

1 unchanged sentence

A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results.

Given the Company’s current asset portfolio and strategy, the Company’s dispositions during the nine months ended September 30, 2025 and 2024 did not qualify for discontinued operations presentation and thus, the results of the properties and condominiums that were sold will not be reported as discontinued operations, and any associated gains or losses from the dispositions are included in gain on disposition of real estate and condominium developments, net.

See Note 4 — Real Estate Assets for a discussion of the disposition of individual properties and condominiums during the nine months ended September 30, 2025 and 2024.

Given the Company’s current asset portfolio and strategy, the Company’s dispositions during the three months ended March 31, 2026 and 2025 did not qualify for discontinued operations presentation and thus, the results of the properties and condominiums that were sold will not be reported as discontinued operations, and any associated gains or losses from the dispositions are included in gain on disposition of real estate and condominium developments, net.

See Note 4 — Real Estate Assets for a discussion of the disposition of individual properties and condominiums during the three months ended March 31, 2026 and 2025.

Allocation of Purchase Price of Real Estate Assets

13 unchanged sentences

The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and is subsequently adjusted for the Company’s share of equity in NP JV Holdings’ earnings and distributions, including unrealized gains and losses as a result of changes in fair value of the NewPoint JV.

The Company records its share of NP JV Holdings’ profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s condensed consolidated balance sheet and such share is recognized as a profit or loss on the condensed consolidated statements of operations.

The Company records its share of NP JV Holdings’ profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s condensed consolidated balance sheets and such share is recognized as a profit or loss on the condensed consolidated statements of operations.

For more information, refer to Note 6 — Investment in Unconsolidated Entities.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Restricted Cash

The Company had $ 3.6 million and $ 3.9 million in restricted cash as of September 30, 2025 and December 31, 2024, respectively.

Included in restricted cash was $ 1.6 million and $ 1.9 million held by lenders in lockbox accounts, as of September 30, 2025 and December 31, 2024, respectively.

The Company had $ 22.4 million and $ 4.6 million in restricted cash as of March 31, 2026 and December 31, 2025, respectively.

Included in restricted cash was $ 1.8 million and $ 2.6 million held by lenders in lockbox accounts, as of March 31, 2026 and December 31, 2025, respectively.

As part of certain of the Company’s debt agreements, rents from certain encumbered properties and interest income from certain first mortgage loans are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company.

Also included in restricted cash was $ 2.0 million of construction reserves, amounts held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement as of September 30, 2025 and December 31, 2024.

Also included in restricted cash was $ 20.6 million of construction reserves, amounts held by lenders in escrow accounts for real estate taxes and

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

other lender reserves for certain properties, in accordance with the associated lender’s loan agreement as of March 31, 2026 and December 31, 2025.

Real Estate-Related Securities and Other

1 unchanged sentence

The Company determines the appropriate classification for real estate-related securities at the time of purchase and reevaluates such designation as of each balance sheet date.

As of September 30, 2025, the Company classified its investments in CMBS and CLO as available-for-sale as the Company is not actively trading the securities;

As of March 31, 2026, the Company classified its investments in CMBS and CLO subordinated note as available-for-sale as the Company is not actively trading the securities;

however, the Company may sell them prior to their maturity.

4 unchanged sentences

The Company’s investments in equity securities of public and private companies are carried at their estimated fair values with unrealized gains and losses reported on the condensed consolidated statements of operations.

Dividend income is included in other income (expense), net on the condensed consolidated statements of operations, of which the Company recorded $ 821,000 and $ 2.8 million, respectively, during the three and nine months ended September 30, 2025.

During the three and nine months ended September 30, 2024, the Company recorded $ 1.2 million and $ 3.9 million of dividend income, respectively.

The Company monitors its CMBS and CLO for changes in fair value.

Dividend income is included in other income, net on the condensed consolidated statements of operations, of which the Company recorded $ 821,000 and $ 1.2 million during the three months ended March 31, 2026 and March 31, 2025, respectively.

The Company monitors its CMBS and CLO subordinated note for changes in fair value.

A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors, such as market conditions.

Such losses that are credit related are recorded as a current expected credit loss in increase in provision for credit losses on the Company’s condensed consolidated statements of operations.

Subsequent cumulative adverse changes in expected cash flows on the Company’s CMBS and CLO are recognized as an increase to current expected credit losses.

However, the allowance is limited to the amount by which the CMBS and CLO’s amortized cost exceeds its fair value.

Such losses that are credit related are recorded as a current expected credit loss in (decrease) increase in provision for credit losses on the Company’s condensed consolidated statements of operations.

Subsequent cumulative adverse changes in expected cash flows on the Company’s CMBS and CLO subordinated note are recognized as an increase to current expected credit losses.

However, the allowance is limited to the amount by which the CMBS and CLO subordinated note’s amortized cost exceeds its fair value.

Favorable changes in expected cash flows are recognized as a decrease to current expected credit losses.

For additional information regarding the Company’s process for estimating current expected credit losses for its real estate-related securities, see the Current Expected Credit Losses section below.

Interest earned is either received in cash or capitalized to CMBS in the Company’s condensed consolidated balance sheets.

Interest earned is either received in cash or capitalized to real estate-related securities and other in the Company’s condensed consolidated balance sheets.

Interest is capitalized when certain conditions are met as specified in each security agreement.

5 unchanged sentences

Interest is capitalized when certain conditions are met as specified in each loan agreement.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status.

1 unchanged sentence

Current Expected Credit Losses

Current expected credit losses (“CECL”) required under the FASB, ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), reflects the Company’s current estimate of potential credit losses related to the Company’s loans held-for-investment, CMBS and CLO included in the condensed consolidated balance sheets.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

investment, CMBS and CLO included in the condensed consolidated balance sheets.

Changes to current expected credit losses are recognized through net income on the Company’s condensed consolidated statements of operations.

5 unchanged sentences

For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date.

For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (reduced by certain adjustments such as estimated costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan.

For the Company’s liquid corporate senior loans and corporate senior loans, the Company uses a probability of default and loss given default method using a comparable data set.

18 unchanged sentences

Collateral performance, if appropriate, meets or exceeds substantially all performance metrics included in original or current underwriting / business plan;

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

3- Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity.

4 unchanged sentences

4- Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management’s close and continued attention.

The obligor’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is jeopardized.

The obligor’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company’s credit position if not checked or corrected.

27 unchanged sentences

For additional information, refer to Note 4 — Real Estate Assets.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Revenue Recognition

1 unchanged sentence

Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space.

When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation.

When the Company acquires a property, the terms of existing leases are considered to commence as

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

of the acquisition date for the purpose of this calculation.

Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations.

25 unchanged sentences

The Company’s credit segment derives its revenues from the lending activities described above under “Revenue Recognition”.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Real estate — engages primarily in acquiring and managing geographically diversified income-producing retail, industrial and office properties that are primarily single-tenant properties, which are leased to creditworthy tenants under long-term net leases.

1 unchanged sentence

See Note 15 — Segment Reporting for a further discussion regarding these segments.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Recent Accounting Pronouncements

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Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements.

In August 2023, the FASB issued Accounting Standards Update (“ASU”) No.

2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60):

Recognition and Initial Measurement (“ASU 2023-05”).

ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value.

The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information.

The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025.

ASU 2023-05 became effective for the Company beginning January 1, 2025 and did not have a material impact on its condensed consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No.

In November 2024, the FASB issued Accounting Standards Update (“ASU”) No.

2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”).

2 unchanged sentences

The Company is currently evaluating whether the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU No.

2025-08, Financial Instruments - Credit Losses (Topic 326):

Purchased Loans (“ASU 2025-08”).

ASU 2025-08 eliminates the distinction between purchased credit-deteriorated and non-credit-deteriorated loans and expands the use of the gross-up approach for substantially all purchased financial assets.

ASU 2025-08 is effective for annual periods beginning after December 15, 2026 and interim periods within that year, with early adoption permitted.

The Company is currently evaluating whether the adoption of ASU 2025-08 will have a material impact on its consolidated financial statements and disclosures.

NOTE 3 — FAIR VALUE MEASUREMENTS

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Real estate-related securities and other — The Company generally determines the fair value of its CMBS by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price.

Pricing models for CMBS are generally discounted cash flow models that usually consider the attributes applicable to a particular class

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available.

Pricing models for CMBS are generally discounted cash flow models that usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available.

Depending upon the significance of the fair value inputs used in determining these fair values, these securities are valued using Level 1, Level 2 or Level 3 inputs.

The Company’s CLO subordinated note is valued using Level 3 inputs.

The Company determines the fair value of its CLO subordinated note through consideration of the underlying investment portfolio metrics, including prepayment rates, default and recovery rates, and estimated market yields, supplemented by actual trades executed in the market and indicative prices provided by broker-dealers.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

provided by broker-dealers.

Operating metrics related to the specific CLO subordinated note are also considered in determining the fair value of the investment.

1 unchanged sentence

The estimated fair value of the Company’s equity securities is based on quoted market prices when readily and regularly available in an active market.

A breakout of the Company’s CMBS, CLO subordinated note, and equity securities’ levels of the fair value hierarchy as of September 30, 2025 and December 31, 2024 can be found in the tables under Items Measured at Fair Value on a Recurring Basis below.

A breakout of the Company’s CMBS, CLO subordinated note, and equity securities’ levels of the fair value hierarchy as of March 31, 2026 and December 31, 2025 can be found in the tables under Items Measured at Fair Value on a Recurring Basis below.

Repurchase facilities, notes payable and credit facilities — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date.

10 unchanged sentences

The Company’s liquid corporate senior loans are classified as Level 2 or Level 3 depending on the number of market quotations or indicative prices from pricing services that are available, and whether the depth of the market is sufficient to transact at those prices in amounts approximating the Company’s investment position at the measurement date.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

In accordance with the fair value hierarchy described above, the following table details the net book value and fair value of the financial instruments described above as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025 December 31, 2024

In accordance with the fair value hierarchy described above, the following table details the net book value and fair value of the financial instruments described above as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026 December 31, 2025

Net Book Value

15 unchanged sentences

____________________________________

(1) As of September 30, 2025, $ 17.0 million and $ 4.2 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively.

(1) As of March 31, 2026, $ 15.3 million and $ 3.6 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively.

As of December 31, 2025, $ 15.6 million and $ 3.7 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature.

5 unchanged sentences

Items Measured at Fair Value on a Recurring Basis

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets that are required to be measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets that are required to be measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):

Balance as of

September 30, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

March 31, 2026 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

Financial assets:

5 unchanged sentences

Total financial assets $ 167,582 $ 40,449 $ 63,472 $ 63,661

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Balance as of December 31, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

6 unchanged sentences

$ 169,206 $ 37,165 $ 64,222 $ 67,819

The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the nine months ended September 30, 2025 (in thousands):

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2026 (in thousands):

Beginning Balance, January 1, 2026

Total gains and losses:

Unrealized gain included in other comprehensive (loss) income

Unrealized loss included in other comprehensive (loss) income

Current expected credit losses

5 unchanged sentences

Capitalized interest income 326

Ending Balance, September 30, 2025

Ending Balance, March 31, 2026

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

4 unchanged sentences

Under ASC 820, the Company may utilize the income, market or cost approach (or combination thereof) to determine the fair value of real estate owned.

During the nine months ended September 30, 2025, the Company took control of the assets securing two of its risk-rated 5 first mortgage loans, which are comprised of two office buildings, through deeds-in-lieu of foreclosure.

The company utilized independent appraisals to assist in the determination of the fair value of the net real estate assets.

The Company considered a variety of inputs including cash flow estimates, market data and comparable sales, as applicable.

For the two properties, the independent appraisals utilized significant unobservable inputs, including discount rates of 10.8 % and 10.0 %, respectively, and capitalization rates of 9.0 % and 8.5 %, respectively.

At the time of acquisition, the Company determined the aggregate fair value of the net real estate assets to be $ 151.0 million.

For the two properties, the Company utilized discount rates of 10.8 % and 10.0 %, respectively and capitalization rates of 9.0 % and 8.5 %, respectively.

During the three months ended September 30, 2025, the Company disposed of a property acquired via deed-in-lieu of foreclosure for an aggregate sales price of $ 91.3 million, resulting in proceeds of $ 87.8 million after closing costs and a gain of $ 1.1 million.

As of September 30, 2025, the Company had an aggregate $ 243.3 million asset-specific credit loss reserve on funded and unfunded commitments related to six of the Company’s first mortgage loans with an aggregate carrying value of $ 833.9 million.

The asset-specific credit loss reserve was recorded based on the Company’s estimation of the fair value of the first mortgage loans’ aggregate underlying collateral, less costs to sell the underlying collateral, as of September 30, 2025.

As of March 31, 2026, the Company had an aggregate $ 244.9 million asset-specific credit loss reserve on funded and unfunded commitments related to six of the Company’s first mortgage loans with an aggregate carrying value of $ 860.3 million.

The asset-specific credit loss reserve was recorded based on the Company’s estimation of the fair value of the first mortgage loans’ aggregate underlying collateral, and reflects adjustments for estimated costs to sell, as well as the timing and manner in which the collateral is expected to be monetized as of March 31, 2026.

These loans are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy.

The Company considered a variety of inputs including property performance, market data and comparable sales, as applicable.

The Company considered a variety of inputs in estimating the collateral fair value including property performance, market data and comparable sales, as applicable.

The significant unobservable inputs used include the terminal capitalization rate, which ranged from 8.3 % to 9.5 %, and the discount rate, which ranged from 9.5 % to 11.5 %.

For additional information regarding the first mortgage loans, refer to Note 8 — Loans Held-For-Investment.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

As discussed in Note 4 — Real Estate Assets, during the nine months ended September 30, 2025, three properties were deemed to be impaired due to sales prices or revised cash flow estimates that were less than their respective carrying values, and their carrying values were reduced to an estimated fair value of $ 105.0 million, resulting in impairment charges of $ 7.7 million.

The revised cash flow estimate was a result of continued deterioration of fundamentals at certain office properties, including weakened leasing activity and increased capitalization rates, and a revision in assumed holding periods at certain properties.

Additionally, during the nine months ended September 30, 2025, no condominium units were deemed to be impaired.

During the nine months ended September 30, 2024, seven properties were deemed to be impaired due to sales prices or revised cash flow estimates that were less than their respective carrying values, and their carrying values were reduced to an estimated fair value of $ 115.4 million, resulting in impairment charges of $ 51.5 million.

Additionally, during the nine months ended September 30, 2024, certain condominium units were deemed to be impaired, primarily due to a decrease in expected sales prices for certain units, and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 8.9 million.

As discussed in Note 4 — Real Estate Assets, during the three months ended March 31, 2026, no properties were deemed to be impaired.

During the three months ended March 31, 2025, one property was deemed to be impaired due to a sales price or a revised cash flow estimate that was less than its respective carrying value, and its carrying value was reduced to an estimated fair value of $ 15.0 million, resulting in impairment charges of $ 7.0 million.

Additionally, during the three months ended March 31, 2026 and 2025, no condominium units were deemed to be impaired.

The Company estimates fair values using Level 3 inputs and a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions.

4 unchanged sentences

(4) property operating expenses;

and (5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

(5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements.

There are inherent uncertainties in making these estimates such as market conditions and the future performance and sustainability of the Company’s tenants.

The Company determined that the selling prices used to determine the fair values were Level 2 inputs.

The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,

Discount Rate Terminal Capitalization Rate

The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the three months ended March 31, 2025:

Three Months Ended March 31,

Discount Rate Terminal Capitalization Rate

1 unchanged sentence

9.0 % - 11.4 %

8.6 % - 11.0 %

8.1 % - 9.5 %

The following table presents the impairment charges by asset class recorded during the nine months ended September 30, 2025 and 2024 (in thousands):

Nine Months Ended September 30,

The following table presents the impairment charges by asset class recorded during the three months ended March 31, 2025 (in thousands):

Three Months Ended March 31,

Asset class impaired:

Land $ 700 $ 8,184

Buildings, fixtures and improvements 6,042

Intangible lease assets 531

Intangible lease liabilities — 5

Condominium developments — 8,940

Total impairment loss $ 7,026

1 unchanged sentence

Property Acquisitions

Additionally, the Company acquired 14 commercial properties for an aggregate purchase price of $ 28.7 million (together, the “2025 Property Acquisitions”), which includes $ 550,000 of external acquisition-related expenses that were capitalized.

During the nine months ended September 30, 2024, the Company acquired two commercial properties for an aggregate purchase price of $ 44.1 million (the “2024 Property Acquisitions”), which includes $ 148,000 of external acquisition-related expenses that were capitalized.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

The following table summarizes the purchase price allocation for the 2025 Property Acquisitions and 2024 Property Acquisitions (in thousands):

2025 Property Acquisitions

During the three months ended March 31, 2026, the Company did not acquire any properties.

During the three months ended March 31, 2025, the Company took control of the assets securing two of its risk-rated 5 first mortgage loans, which are comprised of two office buildings, through deeds-in-lieu of foreclosure, with an aggregate fair value at the time of acquisition of $ 151.0 million, (together, the “2025 Property Acquisitions”).

The following table summarizes the purchase price allocation for the 2025 Property Acquisitions (in thousands):

2025 Property Acquisitions

2 unchanged sentences

Acquired in-place leases and other intangibles (1)

22,618 12,307

Acquired above-market leases (1)

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____________________________________

(1) The amortization period for acquired in-place leases and other intangibles is 6.4 years and 20.0 years, for the 2025 and 2024 Property Acquisitions, respectively.

(2) The amortization period for acquired above-market leases is 5.5 years.

(1) The amortization period for acquired in-place leases and other intangibles and above-market leases is 5.5 years.

(2) The amortization period for acquired below-market leases is 5.7 years

Condominium Development Project

During the nine months ended September 30, 2025 and 2024, the Company capitalized $ 8.3 million and $ 14.5 million, respectively, of expenditures associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying condensed consolidated balance sheets.

No capitalized interest expense was included in the capitalized expenditures during the nine months ended September 30, 2025 or 2024.

During the three months ended March 31, 2026 and 2025, the Company capitalized $ 58,000 and $ 3.9 million, respectively, of expenditures associated with the development of condominiums acquired via foreclosure, which is included in condominium

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

developments in the accompanying condensed consolidated balance sheets.

No capitalized interest expense was included in the capitalized expenditures during the three months ended March 31, 2026 or 2025.

Condominium Dispositions

During the nine months ended September 30, 2025, the Company disposed of condominium units for an aggregate sales price of $ 68.1 million, resulting in proceeds of $ 62.5 million after closing costs and a gain of $ 6.3 million.

During the nine months ended September 30, 2024, the Company disposed of condominium units for an aggregate sales price of $ 37.4 million, resulting in proceeds of $ 34.1 million after closing costs and a gain of $ 4.5 million.

During the three months ended March 31, 2026, the Company did not dispose of any condominium units.

During the three months ended March 31, 2025, the Company disposed of condominium units for an aggregate sales price of $ 18.4 million, resulting in proceeds of $ 16.9 million after closing costs and a gain of $ 1.1 million.

The Company has no continuing involvement that would preclude sale treatment with these condominium units.

The gain on sale of condominium units is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations.

Property Dispositions

During the nine months ended September 30, 2025, the Company disposed of five properties, including four retail properties and one office property, for an aggregate gross sales price of $ 107.1 million, resulting in proceeds of $ 102.7 million after closing costs and a gain of $ 1.5 million.

Property Dispositions and Real Estate Assets Held for Sale

During the three months ended March 31, 2026, the Company disposed of three retail properties for an aggregate gross sales price of $ 20.1 million, resulting in proceeds of $ 18.6 million after closing costs and a gain of $ 5.7 million.

The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations.

During the nine months ended September 30, 2024, the Company disposed of three properties, including one retail property, one industrial property and one office property, for an aggregate gross sales price of $ 60.8 million, resulting in proceeds of $ 58.7 million after closing costs.

No gain or loss was recorded.

During the three months ended March 31, 2025, the Company disposed of three retail properties for an aggregate gross sales price of $ 13.0 million, resulting in proceeds of $ 12.3 million after closing costs and a gain of $ 418,000 .

The Company has no continuing involvement with the 2026 or 2025 dispositions that would preclude sale treatment with these properties.

As of March 31, 2026, the Company identified two properties with an aggregate net book value of $ 5.1 million as held for sale.

Subsequent to March 31, 2026, the Company disposed of these properties for $ 6.0 million, as further discussed in Note 16 — Subsequent Events.

The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable.

See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets.

During the nine months ended September 30, 2025, three properties totaling approximately 498,000 square feet with a carrying value of $ 112.7 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $ 105.0 million, resulting in impairment charges of $ 7.7 million, which were recorded in the condensed consolidated statements of operations.

During the nine months ended September 30, 2025, no condominium units were deemed to be impaired.

No properties or condominium units were deemed to be impaired during the three months ended March 31, 2026.

During the three months ended March 31, 2025, one property totaling approximately 136,000 square feet with a carrying value of $ 22.0 million was deemed to be impaired and its carrying value was reduced to an estimated fair value of $ 15.0 million, resulting in impairment charges of $ 7.0 million, which was recorded in the condensed consolidated statements of operations.

Additionally, during the three months ended March 31, 2025, no condominium units were deemed to be impaired.

See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges during the three months ended March 31, 2026 and 2025.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

During the nine months ended September 30, 2024, seven properties totaling approximately 824,000 square feet with a carrying value of $ 166.9 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $ 115.4 million, resulting in impairment charges of $ 51.5 million, which were recorded in the condensed consolidated statements of operations.

Additionally, during the nine months ended September 30, 2024, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 8.9 million, which were recorded in the condensed consolidated statements of operations.

See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges during the nine months ended September 30, 2025 and 2024.

March 31, 2026 (Unaudited) – (Continued)

NOTE 5 — INTANGIBLE LEASE ASSETS AND LIABILITIES

Intangible lease assets and liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands, except weighted average life remaining):

September 30, 2025 December 31, 2024

Intangible lease assets and liabilities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands, except weighted average life remaining):

March 31, 2026 December 31, 2025

Intangible lease assets:

8 unchanged sentences

Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying condensed consolidated statements of operations.

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,

In-place lease and other intangible amortization $ 2,711 $ 2,876

1 unchanged sentence

Below-market lease amortization $ 326 $ 269

As of September 30, 2025, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands):

As of March 31, 2026, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands):

In-Place Leases and

8 unchanged sentences

Total $ 90,662 $ 9,343 $ 13,745

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

NOTE 6 — INVESTMENT IN UNCONSOLIDATED ENTITIES

During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company currently owns as of September 30, 2025, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50 % of the outstanding equity.

During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company currently owns as of March 31, 2026, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50 % of the outstanding equity.

The Unconsolidated Joint Venture holds approximately 91 % of the membership interest in the NewPoint JV.

1 unchanged sentence

The primary purpose of the NewPoint JV is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans.

As of September 30, 2025 and December 31, 2024, the carrying value of the Company’s investment in NP JV Holdings was $ 163.0 million and $ 181.4 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the condensed consolidated balance sheets.

The Company recorded a gain totaling $ 3.8 million and $ 7.7 million, which represented its share of NP JV Holdings’ gain, during the three and nine months ended September 30, 2025, respectively, in the condensed consolidated statements of operations.

The Company recorded a gain totaling $ 4.6 million and $ 9.9 million, which represented its share of NP JV Holdings’ gain, during the three and nine months ended September 30, 2024, respectively, in the condensed consolidated statements of operations.

During the nine months ended September 30, 2025, the Company contributed an additional $ 25.9 million in NP JV Holdings.

The Company also received $ 52.1 million in distributions during the nine months ended September 30, 2025, $ 41.2 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date.

Furthermore, of the $ 52.1 million in distributions received during the nine months ended September 30, 2025, $ 6.5 million of which was recognized as a return on investment and $ 45.6 million of which was recognized as a return of investment and reduced the invested capital and the carrying amount.

As of September 30, 2025, the Company had $ 49.2 million of unfunded commitments related to NewPoint JV.

As of March 31, 2026 and December 31, 2025, the carrying value of the

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Company’s investment in NP JV Holdings was $ 125.1 million and $ 149.2 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the condensed consolidated balance sheets.

The Company recorded a loss totaling $ 971,000 and a gain totaling $ 1.0 million, which represented its share of NP JV Holdings’ loss and gain, during the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations.

During the three months ended March 31, 2026, the Company contributed an additional $ 24.4 million in NP JV Holdings.

The Company also received $ 47.5 million in distributions during the three months ended March 31, 2026, $ 45.4 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date.

Furthermore, the $ 47.5 million in distributions received during the three months ended March 31, 2026 was recognized as a return of investment and reduced the invested capital and the carrying amount.

As of March 31, 2026, the Company had $ 81.3 million of unfunded commitments related to NewPoint JV.

These commitments are not reflected in the accompanying condensed consolidated balance sheets.

1 unchanged sentence

The following tables provide summarized financial information of the Unconsolidated Joint Venture for the periods set forth below (in thousands):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Real estate investments - at fair value

9 unchanged sentences

$ 274,056 $ 322,605

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Total revenues

1 unchanged sentence

Total expenses

15,139 17,545 48,332 48,448

Total other (expense) income

Net realized and unrealized loss

( 5,562 ) ( 4,882 )

Net (loss) income

$ ( 2,058 ) $ 2,257

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

NOTE 7 — REAL ESTATE-RELATED SECURITIES AND OTHER

As of September 30, 2025, the Company’s real estate-related securities and other had an aggregate estimated fair value of $ 246.1 million, which included 13 CMBS investments, one CLO subordinated note and four equity securities.

The CMBS investments have initial maturity dates ranging from July 2025 through June 2058 and have interest rates ranging from 0.2 % to 9.5 % as of September 30, 2025, with one CMBS earning a zero coupon rate.

As of September 30, 2025, two tranches of a CMBS position held by the Company did not mature as anticipated in July 2025 and were therefore in maturity default.

As of September 30, 2025, the CLO subordinated note has an initial maturity date of July 2037 and an estimated effective yield of 15.1 %.

The following is a summary of the Company’s real estate-related securities and other as of September 30, 2025 (in thousands):

As of March 31, 2026, the Company’s real estate-related securities and other had an aggregate estimated fair value of $ 167.6 million, which included nine CMBS investments, one CLO subordinated note and four equity securities.

The CMBS investments have initial maturity dates ranging from November 2026 through June 2058 and have interest rates ranging from 0.2 % to 7.9 % as of March 31, 2026, with one CMBS earning a zero coupon rate.

As of March 31, 2026, two tranches of a CMBS position held by the Company did not mature as anticipated in July 2025 and were therefore in maturity default.

As of March 31, 2026, the CLO subordinated note has an initial maturity date of July 2037 and an estimated effective yield of 15.6 %.

The following is a summary of the Company’s real estate-related securities and other as of March 31, 2026 (in thousands):

Real Estate-Related Securities and Other

9 unchanged sentences

$ 391,340 $ 75 $ ( 41,534 ) $ ( 182,299 ) $ 167,582

The following table provides the activity for the real estate-related securities and other during the nine months ended September 30, 2025 (in thousands):

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The following table provides the activity for the real estate-related securities and other during the three months ended March 31, 2026 (in thousands):

Amortized Cost Basis Unrealized (Loss) Gain

2 unchanged sentences

$ 391,277 $ ( 39,967 ) $ ( 182,104 ) $ 169,206

Face value of real estate-related securities acquired 4,600 — — 4,600

Discounts on purchase of real estate-related securities, net of acquisition costs

( 3 ) — — ( 3 )

Accretion of discount on real estate-related securities

1,264 — — 1,264

Accretion of interest income on CLO subordinated note

1,012 — — 1,012

Sale of real estate-related securities

( 61,251 ) 340 — ( 60,911 )

Capitalized interest income on real estate-related securities 326 — — 326

3 unchanged sentences

( 1,092 ) — — ( 1,092 )

Unrealized gains on real estate-related securities and other, net

Unrealized loss reclassified to CECL

Unrealized loss on real estate-related securities and other, net

— ( 1,492 ) — ( 1,492 )

1 unchanged sentence

— — ( 195 ) ( 195 )

Real estate-related securities and other as of September 30, 2025

Real estate-related securities and other as of March 31, 2026

$ 391,340 $ ( 41,459 ) $ ( 182,299 ) $ 167,582

During the nine months ended September 30, 2025, the Company sold CMBS with an aggregate amortized cost basis of $ 61.3 million, resulting in net proceeds of $ 60.9 million and a loss of $ 340,000 , the loss of which was reclassified from other comprehensive (loss) income as a decrease to other income (expense), net in the accompanying condensed consolidated statements of operations.

Unrealized gains and losses on CMBS and the CLO subordinated note are recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified into other income (expense), net in the accompanying condensed consolidated statements of operations as securities are sold and gains and losses are recognized.

During the nine months ended September 30, 2025, the Company recorded $ 819,000 of net unrealized gain on its real estate-related securities and other, comprised of a $ 556,000 unrealized gain on CMBS and a $ 3.4 million unrealized loss on the CLO subordinated note, which are included in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss), and a $ 3.6 million unrealized gain on the Company’s equity securities, which is included in unrealized gain (loss) on equity securities in the accompanying condensed consolidated statements of operations.

During the nine months ended September 30, 2024, the Company recorded $ 16.0 million of net unrealized loss on its real estate-related securities and other, comprised of a $ 4.8 million unrealized loss on CMBS, which is included in other

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss) and a $ 11.2 million unrealized loss on the Company’s equity securities, which is included in unrealized gain (loss) on equity securities in the accompanying condensed consolidated statements of operations.

The scheduled maturities of the Company’s CMBS and CLO subordinated note as of September 30, 2025 are as follows (in thousands):

During the three months ended March 31, 2026, the Company sold no CMBS.

Unrealized gains and losses on CMBS and the CLO subordinated note are recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified into other income, net in the accompanying condensed consolidated statements of operations as securities are sold and gains and losses are recognized.

During the three months ended March 31, 2026, the Company recorded $ 1.5 million of net unrealized loss on its real estate-related securities and other, comprised of a $ 2.7 million unrealized loss on CMBS and a $ 2.1 million unrealized loss on the CLO subordinated note, which are included in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income, and a $ 3.3 million unrealized gain on the Company’s equity securities, which is included in unrealized gain on equity securities in the accompanying condensed consolidated statements of operations.

During the three months ended March 31, 2025, the Company recorded $ 3.5 million of net unrealized gain on its real estate-related securities and other, comprised of a $ 982,000 unrealized gain on CMBS and a $ 733,000 unrealized loss on the CLO subordinated note, which are included in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income and a $ 3.3 million unrealized gain on the Company’s equity securities, which is included in unrealized gain on equity securities in the accompanying condensed consolidated statements of operations.

The scheduled maturities of the Company’s CMBS and CLO subordinated note as of March 31, 2026 are as follows (in thousands):

CMBS and CLO Subordinated Note (1)

5 unchanged sentences

Total $ 140,108 $ 115,892

____________________________________

(1) Excludes two tranches of a CMBS position held by the Company that were in maturity default as of March 31, 2026.

The CMBS had an aggregate amortized cost and estimated fair value of $ 192.8 million and $ 10.5 million, respectively, as of March 31, 2026.

Actual maturities of real estate-related securities can differ from contractual maturities because borrowers on certain corporate credit securities may have the right to prepay their respective debt obligations at any time.

In addition, factors such as prepayments and interest rates may affect the yields on such securities.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Current Expected Credit Losses – Real Estate-Related Securities

Current expected credit losses reflect the Company’s current estimate for potential credit losses related to real estate-related securities included in the Company’s condensed consolidated balance sheets.

Current expected credit related losses are recorded in increase in provision for credit losses on the Company’s condensed consolidated statements of operations.

Current expected credit related losses are recorded in (decrease) increase in provision for credit losses on the Company’s condensed consolidated statements of operations.

Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company’s current expected credit losses.

The following table presents the activity in the Company’s current expected credit losses related to its positions in two different tranches of a CMBS instrument for the nine months ended September 30, 2025 and 2024 (in thousands):

The following table presents the activity in the Company’s current expected credit losses related to its positions in two different tranches of a CMBS instrument for the three months ended March 31, 2026 and 2025 (in thousands):

Current expected credit losses as of January 1, 2026

1 unchanged sentence

Current expected credit losses as of March 31, 2026

Provision for credit losses

Current expected credit losses as of June 30, 2025

Reversal of credit losses

Current expected credit losses as of September 30, 2025

Current expected credit losses as of January 1, 2025

Reversal of credit losses

Current expected credit losses as of March 31, 2024

Provision for credit losses

Current expected credit losses as of June 30, 2024

Provision for credit losses

Current expected credit losses as of September 30, 2024

Current expected credit losses as of March 31, 2025

During the year ended December 31, 2023, the loan collateralizing one of the Company’s CMBS positions went into payment default and was appraised by a special servicer, resulting in an appraisal reduction that reduced cash flows received from the respective CMBS position during the year ended December 31, 2023.

During the year ended December 31, 2024, the CMBS was modified to provide for an extended maturity date of July 2025 plus a six-month extension option, and to reduce the

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

interest rate to a fixed 0.019 % per annum.

During the year ended December 31, 2024, the CMBS was modified to provide for an extended maturity date of July 2025 plus a six-month extension option, and to reduce the interest rate to a fixed 0.019 % per annum.

Additionally, during the year ended December 31, 2024, the Company received notice of preliminary sales transaction activity in relation to the underlying collateral of this CMBS position, as well as an additional position in a separate tranche of this instrument, indicative of a bid below the carrying value of the investment.

2 unchanged sentences

As such, the Company determined both tranches of the security the Company is invested in had incurred a credit loss.

During the nine months ended September 30, 2025, the property collateralizing the CMBS positions was re-appraised by the special servicer resulting in a further reduction to the appraisal value.

During the year ended December 31, 2025, the property collateralizing the CMBS positions was re-appraised by the special servicer resulting in a further reduction to the appraisal value.

As a result, the Company concluded it is considered more likely than not that the Company will not be able to recover the amortized cost prior to disposal, resulting in a reclassification of unrealized losses previously determined to be driven by non-credit specific factors, as further discussed below.

As of September 30, 2025, the CMBS was in maturity default as it was not repaid as anticipated during July 2025 and the extension option was not exercised.

As a result of the credit loss incurred, the Company recorded a $ 1.9 million increase to the provision for credit losses on the condensed consolidated statements of operations during the nine months ended September 30, 2025 and reclassified $ 71.0 million of unrealized loss previously recorded in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss) to increase in provision for credit losses on the condensed consolidated statements of operations.

During the nine months ended September 30, 2024, the Company recorded a $ 51.4 million increase to the provision for credit losses on the condensed consolidated statements of operations.

As of September 30, 2025, the amortized cost basis of the CMBS positions identified as having incurred a credit loss was $ 192.8 million prior to any credit loss provisions.

As of March 31, 2026, the CMBS was in maturity default as it was not repaid as anticipated during July 2025 and the extension option was not exercised.

As a result of the credit loss incurred, the Company recorded a $ 195,000 increase to the provision for credit losses on the condensed consolidated statements of operations during the three months ended March 31, 2026.

During the three months ended March 31, 2025, the Company recorded a $ 1.2 million increase to the provision for credit losses and reclassified $ 71.0 million of unrealized loss previously recorded in other comprehensive (loss) income in the condensed consolidated statements of operations.

As of March 31, 2026, the amortized cost basis of the CMBS positions identified as having incurred a credit loss was $ 192.8 million prior to any credit loss provisions.

The Company will continue to monitor for changes in expected cash flows in order to continue to measure the credit loss.

As of September 30, 2025, there were three CMBS positions and one CLO subordinated note with an aggregate fair value of $ 51.0 million and $ 21.7 million, respectively, with unrealized losses reflected in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss).

Upon evaluating these securities at the individual security level, the Company concluded that the unrealized losses included in other comprehensive (loss) income as of September 30, 2025 were noncredit-related and would be recovered from the securities’ estimated future cash flows.

As of March 31, 2026, the Company had four CMBS positions and one CLO subordinated note with aggregate fair values of $ 59.0 million and $ 17.3 million, respectively, with unrealized losses reflected in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income.

Upon evaluating these securities at the individual security level, the Company concluded that the unrealized losses included in other comprehensive (loss) income as of March 31, 2026 were noncredit-related and would be recovered from the securities’ estimated future cash flows.

The Company considered various factors in reaching this conclusion, including that the Company did not intend to sell the securities, it was not considered more likely than not that the Company would be forced to sell the securities prior to recovering the amortized cost, and there were no material credit events that would have caused the Company to conclude that the amortized cost would not be recovered.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

NOTE 8 — LOANS HELD-FOR-INVESTMENT

The Company’s loans held-for-investment consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):

As of September 30, As of December 31,

The Company’s loans held-for-investment consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

As of March 31, As of December 31,

First mortgage loans

6 unchanged sentences

Total loans held-for-investment and related receivables, net $ 3,088,361 $ 3,454,589

____________________________________

(1) As of September 30, 2025 and December 31, 2024, first mortgage loans included $ 19.0 million of contiguous mezzanine loan components that, as a whole, have expected credit quality similar to that of a first mortgage loan.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

The following table details overall statistics for the Company’s loans held-for-investment as of September 30, 2025 and December 31, 2024 (dollar amounts in thousands):

The following table details overall statistics for the Company’s loans held-for-investment as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):

CRE Loans (1) (2)

Liquid Corporate Senior Loans Corporate Senior Loans

September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Number of loans 30 35 8 8 39 35

8 unchanged sentences

____________________________________

(1) As of September 30, 2025, 90.6 % of the Company’s CRE loans by principal balance earned a floating rate of interest primarily indexed to the Secured Overnight Financing Rate (“SOFR”).

(1) As of March 31, 2026, 89.8 % of the Company’s CRE loans by principal balance earned a floating rate of interest primarily indexed to the Secured Overnight Financing Rate (“SOFR”).

(2) Maximum maturity date assumes all extension options are exercised by the borrowers and assumes all relevant conditions are met for such extensions;

3 unchanged sentences

(4) Unfunded loan commitments are subject to the satisfaction of borrower milestones and are not reflected in the accompanying condensed consolidated balance sheets.

Activity relating to the Company’s loans held-for-investment portfolio was as follows for the nine months ended September 30, 2025 (in thousands):

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Activity relating to the Company’s loans held-for-investment portfolio was as follows for the three months ended March 31, 2026 (in thousands):

Liquid Corporate Senior Loans Corporate Senior Loans Total Loan Portfolio

3 unchanged sentences

66,758 — 38,991 105,749

Sale of loans

— ( 5,275 ) — ( 5,275 )

Principal repayments received

( 482,315 ) ( 68 ) ( 1,457 ) ( 483,840 )

Transfer to real estate assets (1)

( 149,439 ) — — ( 149,439 )

Capitalized interest 3,345 — 62 3,407

Write-offs charged (2)

( 87,475 ) ( 3,371 ) — ( 90,846 )

Deferred fees and other items (1)

3 unchanged sentences

7,711 97 ( 637 ) 7,171

Balance, September 30, 2025

Balance, March 31, 2026

$ 2,672,202 $ 22,732 $ 393,427 $ 3,088,361

____________________________________

(1) During the nine months ended September 30, 2025, the Company took control of the assets securing two of its risk-rated 5 first mortgage loans through deeds-in-lieu of foreclosure, as further discussed in Note 4 — Real Estate Assets.

(2) Includes a combined $ 87.5 million write-off on the two first mortgage loans transferred to real estate assets as noted above and a $ 3.4 million write-off on three liquid corporate senior loans sold during the nine months ended September 30, 2025.

(1) Other items primarily consist of purchase discounts or premiums and deferred origination expenses.

1 unchanged sentence

Such amounts are included in accrued expenses and accounts payable on the accompanying condensed consolidated balance sheets.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

As of September 30, 2025, the Company’s CRE loans had the following characteristics based on carrying value (dollar amounts in thousands):

As of March 31, 2026, the Company’s CRE loans had the following characteristics based on carrying value (dollar amounts in thousands):

Collateral Property Type

As of September 30, 2025

As of March 31, 2026

$ 1,761,637 59.7 %

9 unchanged sentences

Geographic Location

As of September 30, 2025

As of March 31, 2026

$ 1,149,314 38.9 %

11 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

The following table presents the activity in the Company’s current expected credit losses related to loans held-for-investment by loan type for the nine months ended September 30, 2025 and 2024 (in thousands):

March 31, 2026 (Unaudited) – (Continued)

The following table presents the activity in the Company’s current expected credit losses related to loans held-for-investment by loan type for the three months ended March 31, 2026 and 2025 (in thousands):

First Mortgage Loans Unfunded First Mortgage Loans (1)

7 unchanged sentences

$ 279,517 $ 17,580 $ 4,148 $ — $ 7,042 $ 1,243 $ 309,530

Provision for (reversal of) credit losses 4,240 ( 838 ) 305 — 577 ( 42 ) 4,242

Current expected credit losses as of June 30, 2025

$ 286,668 $ 18,565 $ 2,746 $ — $ 5,334 $ 572 $ 313,885

Provision for (reversal of) credit losses

4,371 ( 694 ) 2,439 — 345 282 6,743

Current expected credit losses as of September 30, 2025

$ 291,039 $ 17,871 $ 5,185 $ — $ 5,679 $ 854 $ 320,628

Current expected credit losses as of January 1, 2025

$ 381,825 $ 13,917 $ 5,814 $ — $ 4,497 $ 677 $ 406,730

Provision for (reversal of) credit losses 77,564 ( 6,653 ) ( 3,719 ) ( 1 ) 249 ( 78 ) 67,362

Charge-offs of CECL — — ( 1,649 ) — — — ( 1,649 )

Current expected credit losses as of March 31, 2024

$ 186,804 $ 3,409 $ 14,370 $ 2 $ 3,869 $ 417 $ 208,871

Provision for (reversal of) credit losses 211,485 7,197 ( 5,963 ) ( 1 ) ( 335 ) ( 13 ) 212,370

Charge-offs of CECL — — ( 480 ) — — — ( 480 )

Current expected credit losses as of June 30, 2024

$ 398,289 $ 10,606 $ 7,927 $ 1 $ 3,534 $ 404 $ 420,761

(Reversal of) provision for credit losses

1 unchanged sentence

Charge-offs of CECL ( 87,475 ) — ( 3,371 ) — — — ( 90,846 )

Current expected credit losses as of September 30, 2024

Current expected credit losses as of March 31, 2025

$ 282,428 $ 19,403 $ 2,441 $ — $ 4,757 $ 614 $ 309,643

2 unchanged sentences

Changes to current expected credit losses are recognized through net income (loss) on the Company’s condensed consolidated statements of operations.

During the three months ended September 30, 2025, the Company recorded a net increase of $ 6.7 million in the current expected credit loss reserve against the loans held-for-investment portfolio, bringing the total current expected credit loss reserve on funded and unfunded commitments to $ 320.6 million.

During the three months ended March 31, 2026, the Company recorded a net decrease of $ 7.3 million in the current expected credit loss reserve against the loans held-for-investment portfolio, bringing the total current expected credit loss reserve on funded and unfunded commitments to $ 309.5 million.

The current expected credit loss reserve reflects certain loans assessed for impairment as well as macroeconomic and current portfolio conditions.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

As of September 30, 2025, the Company did not have any first mortgage loan investments on nonaccrual status.

As of September 30, 2025, the Company’s asset-specific credit loss reserve totaled $ 247.9 million on funded and unfunded commitments, which related to the Company’s risk-rated 5 first mortgage loans and liquid corporate senior loans.

The asset-specific credit loss reserve is recorded based on the Company’s estimation of the fair value of each loan’s underlying collateral, less costs to sell the underlying collateral where applicable, as of September 30, 2025.

As of March 31, 2026, the Company did not have any first mortgage loan investments on nonaccrual status.

As of March 31, 2026, the Company’s asset-specific credit loss reserve totaled $ 248.5 million on funded and unfunded commitments, which related to the Company’s risk-rated 5 first mortgage loans and liquid corporate senior loans.

As further described in Note 2 — Summary of Significant Accounting Policies, the Company evaluates its loans held-for-investment portfolio on a quarterly basis.

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

March 31, 2026 (Unaudited) – (Continued)

The Company’s primary credit quality indicator is its risk ratings, which are further discussed above.

The following table presents the net book value of the Company’s loans held-for-investment portfolio as of September 30, 2025 by year of origination, loan type, and risk rating (dollar amounts in thousands):

The following table presents the net book value of the Company’s loans held-for-investment portfolio as of March 31, 2026 by year of origination, loan type, and risk rating (dollar amounts in thousands):

Amortized Cost of Loans Held-For-Investment by Year of Origination (1)

As of September 30, 2025

As of March 31, 2026

Number of Loans 2026 2025 2024 2023 2022 Prior

23 unchanged sentences

Weighted Average Risk Rating (3)

Gross charge-offs (4)

____________________________________

(1) Date loan was originated or acquired by the Company.

Origination dates are subsequently updated to reflect material loan modifications.

(2) As of September 30, 2025, four of the Company’s liquid corporate senior loan investments were on nonaccrual status with an aggregate carrying value of $ 6.8 million, which represented less than 1.0 % of the carrying value of the Company’s loans held-for-investment portfolio.

(2) As of March 31, 2026, three of the Company’s liquid corporate senior loan investments were on nonaccrual status with an aggregate carrying value of $ 6.0 million, which represented less than 1.0 % of the carrying value of the Company’s loans held-for-investment portfolio.

(3) Weighted average risk rating calculated based on carrying value at period end.

(4) Represents gross charge-offs by year of origination during the nine months ended September 30, 2025.

Loan Modifications

1 unchanged sentence

2022-02, Financial Instruments - Credit Losses (Topic 326):

Troubled Debt Restructurings and Vintage

Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) .

Such modifications generally provide borrowers with additional time to refinance or sell the collateral property, interest payment adjustments, deferral of scheduled principal repayments, and/or adjustments or waivers of performance tests that are prerequisite to the extension of a loan maturity.

Loan modifications that allow for the option to pay

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Disclosures (“ASU 2022-02”) .

Loan modifications that allow for the option to pay interest in-kind (“PIK”) result in the interest being capitalized and added to the outstanding principal balance of the respective loan.

During the nine months ended September 30, 2025, the Company entered into four loan modifications that require disclosure pursuant to ASC 326.

During the nine months ended September 30, 2025, the Company modified a first mortgage loan collateralized by an office property into two distinct mortgage loans with a principal balance of $ 78.6 million (“Note A”) and $ 52.3 million (“Note B”).

As of September 30, 2025, the loans had an aggregate carrying value of $ 130.5 million, representing approximately 4.2 % of the Company’s first mortgage loans and were risk-rated 5.

The loan modification extended the initial maturity date from January 7, 2025 to February 7, 2029, with two one-year extension options and allows for future funding advances up to an aggregate amount of $ 14.5 million.

In addition, the variable interest rate on Note A was modified from 2.90 % plus Term SOFR (as defined in the applicable loan documents) to a fixed interest rate of 5.0 % through February 7, 2026, then 6.0 % through the initial maturity date and allows for the accrual of PIK interest for any portion of the interest unable to be paid on a monthly basis due to insufficient cash flow.

Note B is not subject to any interest payments, provided no event of default occurs as defined in the loan agreement.

The Company received a $ 12.0 million repayment in connection with the loan modification.

During the nine months ended September 30, 2025, interest accrual was resumed on Note A, after previously being on nonaccrual status.

The borrower elected to PIK $ 1.5 million of interest during the nine months ended September 30, 2025.

The Company modified a first mortgage loan collateralized by an office property during the nine months ended September 30, 2025.

As of September 30, 2025, the loan had a carrying value of $ 168.3 million, representing approximately 5.4 % of the Company’s first mortgage loans and was risk-rated 4.

The loan modification extended the initial maturity date from February 7, 2025, with two one-year extension options, to February 7, 2028, with one one-year extension option.

The Company received a $ 10.0 million repayment in connection with the loan modification.

The Company modified a first mortgage loan and a contiguous mezzanine loan with principal balances of $ 57.2 million and $ 19.1 million, respectively, collateralized by two multifamily properties during the nine months ended September 30, 2025.

As of September 30, 2025, the loans had a combined carrying value of $ 76.0 million, representing approximately 2.4 % of the Company’s first mortgage loans and were risk-rated 4.

The loan modifications increased the minimum strike rate for the interest rate protection from 3.0 % to 4.5 % for each respective loan.

In addition, during the year ended December 31, 2024, the borrower exercised a one-year extension option with a new maturity date of December 16, 2025 and paid down $ 4.7 million.

The Company modified a corporate senior loan during the nine months ended September 30, 2025.

As of September 30, 2025, the loan had a carrying value of $ 19.4 million, representing approximately 5.8 % of the Company’s corporate senior loans and was risk-rated 4.

The loan modification requires the accrual of additional PIK interest at a rate of 0.5 % per annum, commencing on July 1, 2025 through December 31, 2025.

PIK interest will continue to accrue from January 1, 2026 until the leverage ratio falls below the defined threshold specified in the credit agreement.

The Company received a $ 1.0 million repayment in connection with the loan modification and recognized $ 26,000 of PIK during the nine months ended September 30, 2025.

Other Modifications

While not required to be disclosed pursuant to ASU 2022-02 because the financial difficulty criteria was not met, the Company modified and restructured a first mortgage loan collateralized by a multifamily property during the nine months ended September 30, 2025.

As of September 30, 2025, the loan had a carrying value of $ 54.6 million, representing approximately 1.7 % of the Company’s first mortgage loans and was risk rated 3.

The loan modification restructured the loan amount from $ 72.0 million to $ 55.0 million, extended the initial maturity date from February 6, 2026 with one one-year extension option to March 6, 2028 with two one-year extension options, and modified the variable interest rate from 3.20 % plus Term SOFR to 2.85 % plus Term SOFR.

The Company received a $ 15.9 million repayment in connection with the loan modification.

The loan modification was accounted for as a new loan for GAAP purposes.

March 31, 2026 (Unaudited) – (Continued)

interest in-kind (“PIK”) result in the interest being capitalized and added to the outstanding principal balance of the respective loan.

During the three months ended March 31, 2026, the Company had no loan modifications that require disclosure pursuant to ASC 326.

NOTE 9 — REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES

As of September 30, 2025, the Company had $ 3.0 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 1.9 years and a weighted average interest rate of 5.2 %.

As of March 31, 2026, the Company had $ 2.7 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 1.9 years and a weighted average interest rate of 4.7 %.

The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable.

The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

The following table summarizes the debt balances as of September 30, 2025 and December 31, 2024, and the debt activity for the nine months ended September 30, 2025 (in thousands):

During the Nine Months Ended September 30, 2025

The following table summarizes the debt balances as of March 31, 2026 and December 31, 2025, and the debt activity for the three months ended March 31, 2026 (in thousands):

During the Three Months Ended March 31, 2026

Balance as of December 31, 2025 Debt Issuances & Assumptions (1)

1 unchanged sentence

Amortization Balance as of

September 30, 2025

March 31, 2026

Notes payable – variable rate debt $ 378,775 $ — $ ( 126,532 ) $ — $ 252,243

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Deferred costs – variable rate debt ( 679 ) — 282

442 ( 1,064 )

Deferred costs – ABS mortgage notes ( 8,477 ) — — 531 ( 7,946 )

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Notes Payable

As of September 30, 2025, the Company had $ 455.1 million of variable rate debt outstanding, the borrowings of which are financed through note on note financing arrangements with Massachusetts Mutual Life Insurance Company (“Mass Mutual” and such financing, the “Mass Mutual Financing”), Citibank, N.A.

As of March 31, 2026, the Company had $ 252.2 million of variable rate debt outstanding, the borrowings of which are financed through note on note financing arrangements with Massachusetts Mutual Life Insurance Company (“Mass Mutual” and such financing, the “Mass Mutual Financing”), Citibank, N.A.

(“Citibank” and such financing, the “Citibank Financing”), and Barclays Bank PLC (“Barclays” and such financing, the “Barclays Financing”) to provide financing for the Company’s CRE mortgage loans (the “Note on Note Financing Arrangements”).

The following table is a summary of the Note on Note Financing Arrangements as of September 30, 2025 (dollar amounts in thousands):

The following table is a summary of the Note on Note Financing Arrangements as of March 31, 2026 (dollar amounts in thousands):

Note on Note Financing Arrangement

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(2) Note on Note Financing Arrangement is held through CLR.

(3) Borrowings under the Mass Mutual Financing mature on various dates from July 2027 through January 2028.

ABS Mortgage Notes

On July 28, 2021, the Company issued $ 774.0 million aggregate principal amount of asset backed securities (“ABS”) mortgage notes, Series 2021-1 (the “Class A Notes”) in six classes, as shown below:

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Class of Notes Initial Principal Balance Principal Balance as of September 30, 2025

March 31, 2026 (Unaudited) – (Continued)

ABS Mortgage Notes

Class of Notes Initial Principal Balance Principal Balance as of March 31, 2026

Note Rate Anticipated Repayment Date Rated Final Payment Date Credit Rating (1)

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The collateral pool for the Class A Notes is comprised of 169 of the Company’s double- and triple-net leased single tenant properties, together with the related leases and certain other rights and interests.

The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the Class A Notes was $ 1.0 billion.

As of September 30, 2025, amounts outstanding on the Class A Notes totaled $ 758.5 million with a weighted average interest rate of 2.8 %.

The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the Class A Notes was $ 984.6 million.

As of March 31, 2026, amounts outstanding on the Class A Notes totaled $ 758.5 million with a weighted average interest rate of 2.8 %.

The Company may prepay the Class A Notes in full on or after the payment date beginning in July 2026 for the Class A-1 (AAA) Notes, the Class A-3 (AA) Notes and the Class A-5 (A) Notes, and on or after the payment date in July 2028 for the Class A-2 (AAA) Notes, the Class A-4 (AA) Notes and the Class A-6 (A) Notes.

Credit Facilities

As of September 30, 2025, CMFT CL Lending Sub AB, LLC (the “Borrower”), an indirect wholly owned subsidiary of the Company, had a revolving loan and security agreement (the “Loan and Security Agreement”) with each of the lenders from time to time party thereto (the “Lenders”), Ally Bank as administrative agent and arranger (“Ally Bank”), U.S.

Bank Trust Company, National Association, as the collateral custodian, and U.S.

Bank National Association as the document custodian, which provides for borrowings in an aggregate principal amount up to $ 300.0 million (the “Loan Facility”), which may be increased during the revolving period (as defined below) to an aggregate principal amount up to $ 500.0 million as agreed to by the Borrower, any applicable Lender and Ally Bank.

Borrowings under the Loan and Security Agreement will bear interest equal to SOFR for the relevant interest period, plus an applicable rate.

The applicable rate is 2.875 % per annum (and an additional 2.00 % per annum following an event of default under the Loan and Security Agreement).

As of March 31, 2026, CMFT CL Lending Sub AB, LLC (the “Borrower”), an indirect wholly owned subsidiary of the Company, had a revolving loan and security agreement (the “Second Amended Loan and Security Agreement”) with each of the lenders from time to time party thereto (the “Lenders”), Ally Bank as administrative agent and arranger (“Ally Bank”), and U.S.

Bank Trust Company, National Association, as the collateral custodian, which provides for borrowings in an aggregate principal amount up to $ 300.0 million (the “Loan Facility”), which may be increased during the revolving period (as defined below) to an aggregate principal amount up to $ 500.0 million as agreed to by the Borrower, any applicable Lender and Ally Bank.

Borrowings under the Second Amended Loan and Security Agreement will bear interest equal to SOFR for the relevant interest period, plus an applicable rate.

The applicable rate is 2.10 % per annum (and an additional 2.00 % per annum following an event of default under the Second Amended Loan and Security Agreement).

The revolving period began on February 10, 2023, and concludes on the day preceding the earlier to occur of (i) the scheduled revolving period end date of February 6, 2029, (ii) the date of the declaration of the revolving period end date upon the occurrence and continuation of an event of default, and (iii) the termination date.

The termination date is the earlier to occur of (i) February 6, 2031 ( two years after the revolving period end date) and (ii) the date of the declaration of the termination date or the date of the automatic occurrence of the termination date upon the occurrence and continuation of an event of default.

As of September 30, 2025, the amounts borrowed and outstanding under the Loan Facility totaled $ 141.0 million at a weighted average interest rate of 6.9 %.

As of March 31, 2026, the amounts borrowed and outstanding under the Loan Facility totaled $ 200.0 million at a weighted average interest rate of 5.8 %.

CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, has a revolving credit and security agreement (the “Fourth Amended Credit and Security Agreement”) with the lenders from time to time parties thereto, Citibank, as administrative agent, CMFT Securities, as equityholder and as collateral manager, Citibank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator.

1 unchanged sentence

The Credit Securities Revolver may be increased from time to time pursuant to the Fourth Amended Credit and Security Agreement.

As of September 30, 2025, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $ 12.5 million at a weighted average interest rate of 6.8 %.

Borrowings under the Fourth Amended Credit and Security Agreement will bear interest equal to the one-month Term SOFR (as defined in the Fourth Amended Credit and Security Agreement) for the relevant interest period, plus an applicable rate.

The applicable rate is dependent on the type of loan being financed, which includes broadly syndicated, private and middle market loans meeting certain criteria as set forth in the Fourth Amended Credit and Security Agreement and ranges from 1.90 % to 2.75 % per annum during the first two years of the reinvestment period and 2.00 % to 2.85 % during the last year of the reinvestment period and 2.10 % to 2.95 % per annum during the amortization period (and, in each case, an additional 2.00 % per

As of March 31, 2026, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $ 12.5 million at a weighted average interest rate of 6.4 %.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

annum following an event of default under the Fourth Amended Credit and Security Agreement).

March 31, 2026 (Unaudited) – (Continued)

The reinvestment period began on December 31, 2019 and concluded on August 29, 2024 (the “Reinvestment Period”).

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Borrowings under the Fourth Amended Credit and Security Agreement are secured by substantially all of the assets held by CMFT Corporate Credit Securities, LLC, which shall primarily consist of liquid corporate senior secured loans subject to certain eligibility criteria under the Fourth Amended Credit and Security Agreement.

The Company believes it was in compliance with the financial covenants under the Company’s various fixed and variable rate debt agreements, as of September 30, 2025.

The Company believes it was in compliance with the financial covenants under the Company’s various fixed and variable rate debt agreements, as of March 31, 2026.

Repurchase Facilities

As of September 30, 2025, indirectly owned subsidiaries of the Company (individually, a “Lending Sub”, and collectively, the “Lending Subs”), had Master Repurchase Agreements with Citibank, Barclays, Wells Fargo Bank, N.A.

As of March 31, 2026, indirectly owned subsidiaries of the Company (individually, a “Lending Sub”, and collectively, the “Lending Subs”), had Master Repurchase Agreements with Citibank, Barclays, Wells Fargo Bank, N.A.

(“Wells Fargo”), Deutsche Bank AG (“Deutsche Bank”), and J.P.

Morgan Securities LLC (“J.P.

Morgan”) (collectively, the “Repurchase Agreements”) to provide financing primarily through each bank’s purchase of the Company’s CRE mortgage loans and CMBS and future funding advances (the “Repurchase Facilities”).

The following table is a summary of the Repurchase Facilities as of September 30, 2025 (dollar amounts in thousands):

The following table is a summary of the Repurchase Facilities as of March 31, 2026 (dollar amounts in thousands):

Repurchase Facility Date of Agreement Maturity Date

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(2) CRE mortgage loan balances financed under the Repurchase Facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P.

Morgan Repurchase Facility (as defined below) reflects fair value.

Morgan Repurchase Facility reflects fair value.

(3) Advances under the Repurchase Agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable Repurchase Agreement) or the daily compounded SOFR plus a spread ranging from 1.30 % to 3.00 % to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo or Deutsche Bank and the Lending Subs.

(4) Repurchase facility is held through CLR.

(5) Facilities under the repurchase facility with J.P.

Morgan (“J.P.

(5) Facilities under the J.P.

Morgan Repurchase Facility carry a rolling term which is reset monthly.

Such facilities carry no maximum facility size.

(6) Under the Master Repurchase Agreement with J.P.

Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P.

Morgan, which as of September 30, 2025, ranges from 1.10 % to 1.40 %.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

March 31, 2026 (Unaudited) – (Continued)

(6) Under the Master Repurchase Agreement with J.P.

Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P.

Morgan, which as of March 31, 2026, ranges from 1.05 % to 1.35 %.

The Repurchase Agreements provide for agreements by each of Citibank, Barclays, Wells Fargo, Deutsche Bank and J.P.

3 unchanged sentences

Under the 2023 Guaranties, the Initial Guarantor and the Replacement Guarantors agreed to guarantee the respective Lending Subs’ obligations under the applicable Repurchase Agreements.

Additionally, during the nine months ended September 30, 2025, in connection with the J.P.

Additionally, during the year ended December 31, 2025, in connection with the J.P.

Morgan Repurchase Facility and the Wells Fargo Repurchase Facility, the Company and CLR (as the guarantors) entered into a guaranty with each of J.P.

8 unchanged sentences

and (iv) minimum interest coverage ratio of EBITDA (as defined in the Guaranties) to interest expense equal to or greater than 1.40 .

The Company believes it was in compliance with the financial covenants under the Repurchase Agreements as of September 30, 2025.

The Company believes it was in compliance with the financial covenants under the Repurchase Agreements as of March 31, 2026.

Liquidity and Financial Condition — The Company has $ 1.5 billion of debt maturing within the next 12 months following the date these financial statements are issued.

3 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to September 30, 2025 (in thousands):

March 31, 2026 (Unaudited) – (Continued)

The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to March 31, 2026 (in thousands):

Principal Repayments

Remainder of 2026 $ 1,455,899

2026 1,146,033

Thereafter 655,112

4 unchanged sentences

Unfunded Commitments

As of September 30, 2025, the Company had $ 184.1 million of unfunded loan commitments related to its existing CRE loans held-for-investment and corporate senior loans, and $ 49.2 million of unfunded commitments related to NewPoint JV.

As of March 31, 2026, the Company had $ 219.8 million of unfunded loan commitments related to its existing CRE loans held-for-investment and corporate senior loans, and $ 81.3 million of unfunded commitments related to NewPoint JV.

These commitments are not reflected in the accompanying condensed consolidated balance sheets.

Current expected credit losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying condensed consolidated balance sheets.

As of September 30, 2025, the Company had $ 7.1 million of unsettled CMBS acquisitions, all of which settled subsequent to September 30, 2025.

Additionally, the Company had $ 1.3 million of an unsettled liquid corporate senior loan sale, which settled subsequent to September 30, 2025.

Unsettled acquisitions are included in cash and cash equivalents in the accompanying consolidated balance sheets and unsettled sales are included in loans held-for-investment and related receivables, net in the accompanying consolidated balance sheets.

Environmental Matters

9 unchanged sentences

On March 24, 2023, the Company and CMFT Management entered into the second amended and restated management agreement (the “Management Agreement”), which amended and restated the amended and restated management agreement between the parties dated August 20, 2019.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

The Company pays CMFT Management a management fee, payable quarterly in arrears, equal to the greater of (a) $ 250,000 per annum ($ 62,500 per quarter) and (b) 1.50 % per annum ( 0.375 % per quarter) of the Company’s Equity (as defined in the Management Agreement).

CMFT Securities has an investment advisory and management agreement dated May 12, 2025 (the “Investment Advisory and Management Agreement”) with the Investment Advisor.

CMFT Securities has an investment advisory and management agreement dated December 6, 2019 (the “Investment Advisory and Management Agreement”) with the Investment Advisor.

CMFT Securities was formed for the purpose of holding any securities investments and certain other investments made by the Company.

The Investment Advisor, a wholly-owned subsidiary of CIM Group, is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

The Investment Advisor, a wholly-owned subsidiary of CIM Group, is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

“Advisers Act”).

Pursuant to the Investment Advisory and Management Agreement, the Investment Advisor manages the day-to-day business affairs of CMFT Securities and its investments in corporate credit and real estate-related securities (collectively, the “Managed Assets”), subject to the supervision of the Board.

1 unchanged sentence

Because the Managed Assets are excluded from the calculation of management fees payable by the Company to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by the Company to its external advisors are not increased as a result of the Investment Advisory and Management Agreement.

In addition, the Investment Advisor has a sub-advisory agreement dated December 6, 2019 (the “Sub-Advisory Agreement”) with OFS Capital Management, LLC (the “Sub-Advisor”) to act as an investment sub-advisor to CMFT Securities.

In addition, the Investment Advisor has a sub-advisory agreement dated May 12, 2025 (the “Sub-Advisory Agreement”) with OFS Capital Management, LLC (the “Sub-Advisor”) to act as an investment sub-advisor to CMFT Securities.

The Sub-Advisor is registered as an investment adviser under the Advisers Act and is an affiliate of the Investment Advisor.

3 unchanged sentences

CMFT Management is entitled to receive incentive compensation, payable with respect to each quarter, which is generally equal to the excess of (a) the product of (i) 20 % and (ii) the excess of (A) Core Earnings (as defined in the Management Agreement) of the Company for the previous 12-month period, over (B) the product of (1) the Company’s Consolidated Equity (as defined in the Management Agreement) in the previous 12-month period, and (2) 7 % per annum, over (b) the sum of any incentive compensation paid to CMFT Management with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable).

During the three and nine months ended September 30, 2025 and 2024, no incentive compensation fees were incurred.

During the three months ended March 31, 2026 and 2025, no incentive compensation fees were incurred.

In addition, the Investment Advisor is eligible to receive a portion of the incentive compensation payable to CMFT Management pursuant to the Management Agreement.

4 unchanged sentences

Thereafter, CMFT Management is entitled to receive 10 % of CLR’s Core Earnings.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

CLR Securities Investments, LLC (“CLR Securities”), a subsidiary of CLR, has an investment advisory and management agreement dated February 29, 2024 (the “CLR Investment Advisory and Management Agreement”) with the Investment Advisor pursuant to which the Investment Advisor manages the day-to-day business affairs of CLR Securities and its investments in real estate-related securities (collectively, the “CLR Managed Assets”), subject to the supervision of the CLR board of trustees.

In connection with the services provided by the Investment Advisor, CLR Securities pays the Investment Advisor an investment advisory fee (the “CLR Investment Advisory Fee”), payable quarterly in arrears, equal to the proportion of the base management fee and performance fee calculated pursuant to the CLR Management Agreement that is attributable to the CLR Managed Assets.

Because the CLR Managed Assets are excluded from the calculation of management fees payable by CLR to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by CLR to its external advisors are not increased as a result of the CLR Investment Advisory and Management Agreement.

Because the CLR Managed Assets are excluded from the calculation of management fees payable by

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

CLR to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by CLR to its external advisors are not increased as a result of the CLR Investment Advisory and Management Agreement.

The CLR Management Agreement and CLR Investment Advisory and Management Agreement (together, the “CLR Advisory Agreements”) each have an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless CLR provides 180 days’ written notice of termination of a CLR Advisory Agreement after the affirmative vote of CLR’s independent trustees.

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Organization and offering expenses is defined in the CLR Management Agreement as any and all costs and expenses incurred by or on behalf of CLR in connection with the formation of CLR and the marketing and distribution of its common shares of beneficial interest.

During the nine months ended September 30, 2025, the Company did not receive any reimbursements from CMFT Management for organization and offering expenses paid by the Company for CLR.

During the three months ended March 31, 2026 and 2025, the Company did not receive any reimbursements from CMFT Management for organization and offering expenses paid by the Company for CLR.

The Investment Advisor has engaged the Sub-Advisor to act as an investment sub-advisor with respect to the assets held by CLR Securities.

6 unchanged sentences

The Company reimburses CMFT Management, the Investment Advisor or their affiliates for certain expenses paid or incurred in connection with the services provided to the Company.

The Company will reimburse CMFT Management, the Investment Advisor, or their affiliates for salaries and benefits paid to personnel who provide services to the Company,

The Company will reimburse CMFT Management, the Investment Advisor, or their affiliates for salaries and benefits paid to personnel who provide services to the Company, excluding the Company’s executive officers (other than the chief financial officer) and any portfolio management, acquisitions or investment professionals.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

excluding the Company’s executive officers (other than the chief financial officer) and any portfolio management, acquisitions or investment professionals.

March 31, 2026 (Unaudited) – (Continued)

The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Management fees $ 11,628 $ 11,723

2 unchanged sentences

Due to Affiliates

Of the amounts shown above, $ 12.9 million and $ 14.1 million had been incurred, but not yet paid, for services provided by CMFT Management or its affiliates in connection with the management and operating activities during the nine months ended September 30, 2025 and 2024, respectively, and such amounts were recorded as liabilities of the Company as of such dates.

The following table details the components of due to affiliates as of September 30, 2025 (in thousands):

September 30, 2025 December 31, 2024

Of the amounts shown above, $ 14.0 million and $ 13.0 million had been incurred, but not yet paid, for services provided by CMFT Management or its affiliates in connection with the management and operating activities during the three months ended March 31, 2026 and 2025, respectively, and such amounts were recorded as liabilities of the Company as of such dates.

The following table details the components of due to affiliates (in thousands):

March 31, 2026 December 31, 2025

Accrued management fees

7 unchanged sentences

In consideration for the Development Services, CIM NY Management, LLC will receive a development management fee from the Building Owners equal to 4 % of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions in each respective Development Management Agreement.

During the nine months ended September 30, 2025 and 2024, the Company recorded $ 318,000 and $ 563,000 , respectively, in development management fees.

During the three months ended March 31, 2026 the Company recorded no development management fees and during the three months ended March 31, 2025 the Company recorded $ 142,000 in development management fees.

Additionally, CIM NY Management, LLC is reimbursed by the Building Owners for expenses incurred in connection with the Development Services, including services provided that are incidental to but not part of the Development Services.

4 unchanged sentences

In consideration for the Management and Development Services, CIM Management will receive a property management fee from the Office Building Owners equal to 1.5 % of the operating receipts, as defined in the Property Management and Services Agreement, received by the Office Building Owners from operating the property, subject to the conditions set forth in the Property Management and Services Agreement.

Additionally in consideration for the Management and Development Services, CIM Management will receive a development management fee from the Building Owners equal to 4 % of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions set forth in the

Additionally, CIM Management is reimbursed by the Office Building Owners for expenses incurred in connection with the Management and Development Services, including services provided that are

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Development Management Agreement.

Additionally, CIM Management is reimbursed by the Office Building Owners for expenses incurred in connection with the Management and Development Services, including services provided that are incidental to but not part of the Management and Development Services.

March 31, 2026 (Unaudited) – (Continued)

incidental to but not part of the Management and Development Services.

The Property Management and Services Agreement shall remain in effect until the Office Building Owners sell all or substantially all of the property and is terminable by either party with fifteen days prior notice to the other party, with or without cause.

2 unchanged sentences

The Company redeemed its investment in the preferred units during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan.

As of September 30, 2025, $ 199.9 million of the first mortgage loan was outstanding.

During the three months ended March 31, 2026, the first mortgage loan, which was in maturity default, was repaid in full.

In October 2021, the Company invested in a $ 130.0 million first mortgage loan, with an initial advance of $ 119.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund that is advised by an affiliate of CMFT Management.

As of September 30, 2025, $ 98.0 million of the first mortgage loan was outstanding.

As of March 31, 2026, $ 98.0 million of the first mortgage loan was outstanding.

In November 2021, the Company entered into the Unconsolidated Joint Venture (the “MT-FT JV”) with CMMT Holdings, LLC, a fund that is advised by an affiliate of CMFT Management, for the purposes of investing in the NewPoint JV.

As of September 30, 2025, the Company owned approximately 50 % of the equity interests of the MT-FT JV and has committed to fund capital to the MT-FT JV up to $ 212.5 million, of which $ 163.3 million has been funded, net of $ 100.9 million returned to the Company that can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date.

As of March 31, 2026, the Company owned approximately 50 % of the equity interests of the MT-FT JV and has committed to fund capital to the MT-FT JV up to $ 212.5 million, of which $ 131.2 million has been funded, net of $ 158.0 million returned to the Company that can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date.

For more information on the NewPoint JV, see Note 2 — Summary of Significant Accounting Policies and Note 6 — Investment in Unconsolidated Entities.

In December 2021, the Company invested in a $ 155.0 million first mortgage loan, with an initial advance of $ 154.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund that is advised by an affiliate of CMFT Management.

As of September 30, 2025, $ 155.0 million of the first mortgage loan was outstanding.

As of March 31, 2026, the first mortgage loan is held by the Company’s consolidated subsidiary, CLR, and $ 155.0 million of the first mortgage loan was outstanding.

In April 2022, the Company invested in a $ 147.0 million first mortgage loan, with an initial advance of $ 143.0 million, to a third-party, which was previously funded by a fund that is advised by an affiliate of CMFT Management.

During the nine months ended September 30, 2025, the Company sold the first mortgage loan to its consolidated subsidiary, CLR, for $ 120.0 million.

As of September 30, 2025, $ 120.2 million of the first mortgage loan was outstanding.

During the nine months ended September 30, 2025, the Company and CIM RACR co-invested $ 13.0 million and $ 1.6 million, respectively, in three corporate senior loans to a third-party.

As of September 30, 2025, the Company and CIM RACR were co-invested in 11 corporate senior loans with an outstanding balance of $ 153.2 million.

During the year ended December 31, 2025, the Company sold the first mortgage loan to its consolidated subsidiary, CLR, for $ 120.0 million.

As of March 31, 2026, $ 120.4 million of the first mortgage loan was outstanding.

As of March 31, 2026, the Company and CIM RACR were co-invested in 11 corporate senior loans with an outstanding balance of $ 154.6 million.

The Sub-Advisor provided investment management services related to these corporate senior loans pursuant to the Sub-Advisory Agreement.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

March 31, 2026 (Unaudited) – (Continued)

NOTE 13 — STOCKHOLDERS’ EQUITY

3 unchanged sentences

Awards that are granted on or after the effective date of the 2022 Plan are subject to the terms and provisions of the 2022 Plan.

The total number of shares of Company common stock reserved and available for issuance under the 2022 Plan at any time during the term of the 2022 Plan is 250,000 shares, and awards of approximately 61,000 shares of common stock are available for future grant at September 30, 2025.

The total number of shares of Company common stock reserved and available for issuance under the 2022 Plan at any time during the term of the 2022 Plan is 250,000 shares, and awards of approximately 4,000 shares of common stock are available for future grant at March 31, 2026.

Under the 2022 Plan, the Board or the compensation committee of the Board has the authority to grant certain awards to employees, non-employee directors, and consultants or advisors of the Company, including stock option awards, restricted stock awards or deferred stock awards, which awards will further align such persons’ interests with the interests of the Company’s stockholders.

5 unchanged sentences

The maximum number of shares of common stock of the Company that may be subject to awards granted under the Manager Plan is 12,000,000 shares.

As of September 30, 2025, there were approximately 6.4 million shares remaining that may be subject to awards granted under the Manager Plan.

As of March 31, 2026, there were approximately 6.4 million shares remaining that may be subject to awards granted under the Manager Plan.

The Manager Plan will expire on January 9, 2034, unless terminated earlier by the Board or the compensation committee.

The following tables summarize the (i) non-vested shares of restricted stock and restricted stock units and (ii) vesting schedule of shares of restricted stock and restricted stock units for the Company’s directors, officers and employees of the Manager as of September 30, 2025 (dollar amounts in thousands):

Restricted Stock Grants (2022 Plan)

8 unchanged sentences

57,471 3,674,435

Granted — 2,186,565 $ 11,414

Vested — ( 364,378 ) N/A

Forfeited — — N/A

Outstanding as of June 30, 2025

____________________________________

Granted — — $ —

Vested — — N/A

Forfeited — — N/A

Outstanding as of September 30, 2025

49,261 4,433,548

____________________________________

(1) Each restricted stock unit represents a contingent right to receive one share of the Company’s common stock, payable 50 % in the Company’s common stock and 50 % in the cash value thereof.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

(2) The fair value of the Company’s share awards is determined using the Company’s per share NAV on the date of grant.

Compensation expense related to the restricted shares and restricted stock units are recognized over the vesting period.

The Company recorded compensation expense of $ 2.5 million and $ 6.3 million for the three and nine months ended September 30, 2025, respectively, and $ 1.7 million and $ 4.4 million for the three and nine months ended September 30, 2024, respectively, related to the restricted shares and restricted stock units, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

As of September 30, 2025, there was $ 17.8 million of total unrecognized compensation expense related to these restricted shares and restricted stock units, which will be recognized ratably over the remaining respective periods of service.

On October 1, 2025, as part of the annual retainers paid to the independent members of the Board and pursuant to the 2022 Plan, the three independent members of the Board were each granted approximately 19,157 restricted shares, which will vest on October 1, 2026.

Below is a summary of restricted stock and restricted stock units vesting dates as of September 30, 2025:

The Company recorded compensation expense of $ 2.4 million and $ 1.4 million for the three months ended March 31, 2026 and 2025, respectively, related to the restricted shares and restricted stock units, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

As of March 31, 2026, there was $ 12.9 million of total unrecognized compensation expense related to these restricted shares and restricted stock units, which will be recognized ratably over the remaining respective periods of service.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Below is a summary of restricted stock and restricted stock units vesting dates as of March 31, 2026:

Restricted Stock Grants (2022 Plan)

3 unchanged sentences

57,471 3,674,435

49,261 4,433,548

NOTE 14 — LEASES

5 unchanged sentences

Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred.

As of September 30, 2025, the Company’s leases had a weighted-average remaining term of 9.6 years.

As of March 31, 2026, the Company’s leases had a weighted-average remaining term of 10.2 years.

Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions.

1 unchanged sentence

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of September 30, 2025, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands):

As of March 31, 2026, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands):

Future Minimum Rental Income

3 unchanged sentences

A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions.

These contingent rents are subject to the tenant achieving periodic revenues in excess of specified

These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels.

For the three months ended March 31, 2026 and 2025, the amount of the contingent rent earned by the Company was not significant .

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

For the three and nine months ended September 30, 2025 and 2024, the amount of the contingent rent earned by the Company was not significant .

Rental and other property income during the three and nine months ended September 30, 2025 and 2024 consisted of the following (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

March 31, 2026 (Unaudited) – (Continued)

Rental and other property income during the three months ended March 31, 2026 and 2025 consisted of the following (in thousands):

Three Months Ended March 31,

Fixed rental and other property income (1)

1 unchanged sentence

Variable rental and other property income (2)

2,297 1,406 7,075 4,954

Total rental and other property income $ 25,768 $ 28,808

5 unchanged sentences

This reflects the Company’s incremental borrowing rate, which was calculated based on the interest rate the Company would incur to borrow on a fully collateralized basis over a term similar to the lease.

The Company recognized $ 63,000 and $ 188,000 of ground lease expense during the three and nine months ended September 30, 2025, respectively, of which $ 61,000 and $ 182,000 , respectively, was paid in cash during the period it was recognized.

As of September 30, 2025, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $ 63,000 for the remainder of 2025, $ 250,000 annually for 2026 through 2030, and $ 667,000 thereafter through the maturity date of the lease in August 2033.

The Company recognized $ 63,000 of ground lease expense during the three months ended March 31, 2026, of which $ 61,000 was paid in cash during the period it was recognized.

As of March 31, 2026, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $ 187,000 for the remainder of 2026, $ 250,000 annually for 2027 through 2031, and $ 417,000 thereafter through the maturity date of the lease in August 2033.

NOTE 15 — SEGMENT REPORTING

8 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

The following tables present segment reporting for the three and nine months ended September 30, 2025 and 2024 (in thousands):

March 31, 2026 (Unaudited) – (Continued)

The following tables present segment reporting for the three months ended March 31, 2026 and 2025 (in thousands):

Real Estate Credit Corporate/Other (1)

Company Total

Three Months Ended September 30, 2025

Three Months Ended March 31, 2026

Rental and other property income $ 25,768 $ — $ — $ 25,768

9 unchanged sentences

Depreciation and amortization 8,830 — — 8,830

Increase in provision for credit losses

Decrease in provision for credit losses

— ( 7,123 ) — ( 7,123 )

Total expenses 20,934 33,355 9,831 64,120

Other income:

Other income (expense):

Gain on disposition of real estate and condominium developments, net

5,743 — — 5,743

Gain on investment in unconsolidated entities — 3,781 — 3,781

Unrealized gain on equity securities

— 2,458 — 2,458

Other income, net 77 1,152 1,008 2,237

Total other income

1,205 7,391 2,160 10,756

Segment net income (loss)

$ 8,682 $ 30,603 $ ( 8,976 ) $ 30,309

Net income allocated to non-controlling interest

Segment net income (loss) attributable to the Company $ 8,682 $ 30,576 $ ( 8,976 ) $ 30,282

Total assets as of September 30, 2025

$ 1,026,391 $ 3,786,524 $ 170,513 $ 4,983,428

__________________________________

(1) Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Real Estate Credit Corporate/Other (1)

Company Total

Nine Months Ended September 30, 2025

Rental and other property income $ 85,357 $ — $ 68 $ 85,425

Interest income — 232,630 — 232,630

Total revenues 85,357 232,630 68 318,055

General and administrative 259 1,982 17,425 19,666

Interest expense, net 17,454 115,806 — 133,260

Property operating 6,025 — 3,643 9,668

Real estate tax 3,285 — 278 3,563

Expense reimbursements to related parties — — 10,121 10,121

Management fees 7,075 28,017 — 35,092

Transaction-related 114 — 41 155

Depreciation and amortization 27,578 — — 27,578

Real estate impairment 7,674 — — 7,674

Increase in provision for credit losses

— 73,423 — 73,423

Total expenses 69,464 219,228 31,508 320,200

Other income:

Gain on disposition of real estate and condominium developments, net

Loss on investment in unconsolidated entities

— ( 971 ) — ( 971 )

Gain on investment in unconsolidated entities — 7,703 — 7,703

Unrealized gain on equity securities

1 unchanged sentence

Other income, net 23 1,069 707 1,799

Loss on extinguishment of debt — ( 282 ) — ( 282 )

Total other income

2 unchanged sentences

$ 10,600 $ 41,596 $ ( 9,124 ) $ 43,072

Net income allocated to non-controlling interest

Segment net income allocated to non-controlling interest

Segment net income (loss) attributable to the Company $ 10,600 $ 41,552 $ ( 9,124 ) $ 43,028

Total assets as of September 30, 2025

Total assets as of March 31, 2026

$ 1,051,999 $ 3,568,017 $ 105,544 $ 4,725,560

3 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

March 31, 2026 (Unaudited) – (Continued)

Real Estate Credit Corporate/Other (1)

Company Total

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

Rental and other property income

19 unchanged sentences

Total expenses 26,620 111,312 8,818 146,750

Other income (expense):

Other income:

Gain on disposition of real estate and condominium developments, net

4 unchanged sentences

— 3,300 — 3,300

Other income (expense), net

120 ( 3,730 ) 1,465 ( 2,145 )

Loss on extinguishment of debt

Other income, net

41 682 886 1,609

3 unchanged sentences

$ 2,579 $ ( 28,723 ) $ ( 6,730 ) $ ( 32,874 )

Net income allocated to noncontrolling interest — 3 — 3

Segment net income allocated to noncontrolling interest

Segment net income (loss) attributable to the Company $ 2,579 $ ( 28,732 ) $ ( 6,730 ) $ ( 32,883 )

Total assets as of September 30, 2024

$ 1,054,259 $ 4,091,734 $ 219,854 $ 5,365,847

__________________________________

(1) Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

Real Estate Credit Corporate/Other (1)

Company Total

Nine Months Ended September 30, 2024

Rental and other property income

$ 70,778 $ — $ 286 $ 71,064

Interest income

— 306,594 — 306,594

Total revenues

70,778 306,594 286 377,658

General and administrative

360 2,630 15,221 18,211

Interest expense, net 17,436 172,711 — 190,147

Property operating

2,791 — 5,868 8,659

Real estate tax

2,532 — 796 3,328

Expense reimbursements to related parties — — 10,583 10,583

Management fees 6,180 31,326 — 37,506

Transaction-related

Depreciation and amortization

24,320 — — 24,320

Real estate impairment 51,478 — 8,940 60,418

Increase in provision for credit losses — 308,542 — 308,542

Total expenses 105,097 515,229 41,456 661,782

Other income (expense):

Gain on disposition of real estate and condominium developments, net

— — 4,460 4,460

Gain on investment in unconsolidated entities

— 9,875 — 9,875

Unrealized loss on equity security

— ( 11,156 ) — ( 11,156 )

Other income, net 268 651 3,948 4,867

Loss on extinguishment of debt

— ( 950 ) — ( 950 )

Total other income (expense)

268 ( 1,580 ) 8,408 7,096

Segment net loss

$ ( 34,051 ) $ ( 210,215 ) $ ( 32,762 ) $ ( 277,028 )

Net income allocated to noncontrolling interest — 3 — 3

Segment net loss attributable to the Company

$ ( 34,051 ) $ ( 210,218 ) $ ( 32,762 ) $ ( 277,031 )

Total assets as of September 30, 2024

Total assets as of March 31, 2025

$ 1,033,963 $ 3,979,735 $ 160,414 $ 5,174,112

3 unchanged sentences

Redemption of Shares of Common Stock

Subsequent to September 30, 2025, the Company redeemed approximately 1.5 million shares for $ 7.8 million (at an average redemption price of $ 5.22 per share).

The remaining redemption requests received during the three months ended September 30, 2025 totaling approximately 44.4 million shares went unfulfilled.

Subsequent to March 31, 2026, the Company redeemed approximately 1.5 million shares for $ 7.6 million (at an average redemption price of $ 5.14 per share).

The remaining redemption requests received during the three months ended March 31, 2026 totaling approximately 43.7 million shares went unfulfilled.

Investment, Acquisition and Disposition Activity

Subsequent to September 30, 2025, the Company’s investment, acquisition and disposition activity included the following:

• Acquired one property for a purchase price of $ 2.4 million.

The Company has not completed its initial purchase price allocation with respect to this property and therefore cannot provide similar disclosures to those included in Note 4 — Real Estate Assets in these condensed consolidated financial statements.

Subsequent to March 31, 2026, the Company’s investment, acquisition and disposition activity included the following:

• Disposed of one condominium unit for a gross sales price of $ 7.6 million, resulting in net proceeds of $ 7.0 million after closing costs and a gain of approximately $ 570,000 .

• Disposed of five net lease properties for a gross sales price of $ 19.0 million, resulting in net proceeds of $ 17.9 million after closing costs and a gain of approximately $ 1.7 million.

CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited) – (Continued)

• Settled $ 22.1 million on the purchase of three CMBS, $ 7.1 million of which were traded as of September 30, 2025, and received full payoffs of $ 86.3 million on three of the Company’s CMBS.

• Disposed of two nonaccrual liquid corporate senior loans, resulting in proceeds of $ 395,000 and a loss of approximately $ 2.1 million.

• Originated two first mortgage loans with an aggregate principal balance of $ 158.7 million, funded an aggregate amount of $ 4.0 million to seven of the Company’s first mortgage loans, received $ 2.0 million of principal repayments on one of the Company’s first mortgage loans, and a full payoff of $ 47.5 million on one of the Company’s first mortgage loans.

March 31, 2026 (Unaudited) – (Continued)

• Settled $ 6.7 million on the purchase of one corporate senior loan.

• Originated two first mortgage loans with an aggregate principal balance of $ 155.1 million, funded an aggregate amount of $ 12.1 million to eight of the Company’s first mortgage loans, and received $ 193.9 million of principal repayments on one of the Company’s first mortgage loans.

Financing Activity

• Repaid $ 98.7 million of borrowings under the repurchase facilities with J.P.

Morgan and Citibank, both of which are held through CLR.

• Borrowed $ 101.8 million under the repurchase facilities with J.P.

Morgan and Wells Fargo, both of which are held through CLR.

• Extended the maturity date of the repurchase facility with Deutsche Bank from October 2025 to October 2026.

• Repaid $ 145.5 million of borrowings under the note on note financing arrangements with Barclays and Citibank, both of which are held through CLR.

• Borrowed $ 134.8 million under the repurchase facilities with Wells Fargo, held through CLR.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements